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Zynga Gets Zapped as Berenberg Cuts to Hold on Apple Policy

Published 08/11/2020, 10:54 AM
Updated 08/11/2020, 10:55 AM
© Reuters.

By Christiana Sciaudone

Investing.com --  Words with Friends game maker Zynga (NASDAQ:ZNGA) dropped 6% after a downgrade by Berenberg. 

Apple (NASDAQ:AAPL)'s ad policy change -- developers now need to ask for user consent to turn on Ïdentifier for Advertisers, formerly a default setting -- will hurt Zynga, Seeking Alpha said, citing analyst David Beckel. 

Beckel cut the game company to hold from buy, and lowered the price target to $10.50 from $11, Seeking Alpha said.  

Last week, Zynga reported record sales for its second quarter, with revenue of $518 million comparing to the expected $504 million. Earnings per share of 10 cents beat the 8-cent forecast.

In July, shares hit their highest since 2012. The stock is up 45% since the start of 2020.

 

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