JP Morgan Chase downgraded the rating on the social game developer Zynga from “overweight” to “neutral”. Affected by this news, the Zynga stock price declined $0.72, or 4.9%, to close at $13.97 Monday.
The JP Morgan analyst Doug Anmuth said in a recommendation on Monday that as the market speculation legalization of online gambling, coupled with Zynga recently announced the launch of a new gaming platform, the Zynga stock price rose sharply again with an increase of 10% last Thursday. However, the Zynga’s game environment has not substantially changed, and the new gaming platform still needs time to test. Anmuth thought the Zynga stock price had cumulatively increase by 51% and no longer meet the “overweight” ratin.