Will These Analyst Downgrades Hurt King Digital Entertainment (KING) Stock Today?

NEW YORK (TheStreet) -- King Digital Entertainment  (KING) received multiple analyst downgrades in the wake of the "Candy Crush" maker's poor second-quarter results.

Barclays downgraded the stock to "equal weight" and set a $16 price target, as the company missed earnings expectations.

Deutsche downgraded King to "hold" from "buy" and set a $12 price target. The firm said the company's new games have been disappointing.

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JP Morgan downgraded the stock to "neutral" and set an $18 price target, as the company's new games are not offsetting Candy Crush.

Finally, RBC Capital Markets downgraded King to "sector perform" from "outperform," set a $15 price target and decreased its estimates. The firm said Candy Crush is declining faster and new products are not picking up the slack.

The stock was plummeting 24.07% to $13.82 in pre-market trading Wednesday.

KING Chart KING data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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