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Fly News Breaks for August 1, 2019
ZNGA
Aug 1, 2019 | 07:55 EDT
Jefferies analyst Alex Giaimo says Zynga's Q2 results reiterate his view that the company is "uniquely positioned to succeed within the fastest growing segment of gaming." While bears will point to near-term margin compression, Zynga is taking a strategic approach to drive multiple years of sustainable double digit growth, Giaimo tells investors in a research note. He keeps a Buy rating on the shares with a $7.50 price target. Despite the 62% move higher year-to-date, the stock is still "cheap" at 17 times estimated 2020 EBITDA, contends Giaimo.
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