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Fly News Breaks for May 28, 2019
ZNGA
May 28, 2019 | 12:07 EDT
After Zynga announced a sale leaseback of its San Francisco headquarters for $600M in net cash proceeds, Baird analyst Colin Sebastian noted that the company indicated a bias toward M&A for the new funds. While stating he sees no "shot clock" for a deal, Sebastian said he would be surprised if no purchases were made by Zynga by the end of next year. The analyst, who has been "impressed by Zynga's pace of execution," keeps an Outperform rating on the stock with a $8 price target.
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