NEW YORK, NY / ACCESSWIRE / June 26, 2017 / It was a good day for gaming stocks like Glue Mobile and Zynga on Friday. Glu Mobile's shares modestly climbed higher into the green while Zynga closed up nearly 5%. Glu Mobile has partnered up with the WWE for a multi-year partnership to make a new wrestling game that features WWE superstars. Zynga is still seeing investor confidence after Piper Jaffray put a $4 price target on the stock last month.

RDI Initiates Coverage on:

Glu Mobile Inc.
https://ub.rdinvesting.com/news/?ticker=GLUU

Zynga Inc.
https://ub.rdinvesting.com/news/?ticker=ZNGA

Glu Mobile Inc.'s shares closed up 1.89% this past Friday on lackluster volume compared to usual. It was surprising that there wasn't more activity considering the company had a major announcement last week. Glu Mobile has entered into a multi-year partnership with the WWE to develop a new wrestling game. WWE superstars like John Cena will be featured in the game that's set to be available next year. After the big news was revealed, analyst Darren Aftahi of Roth Capital put a $3.75 price target on the stock. According to Aftahi, "We are optimistic about the accretive potential that the WWE game could contribute to FY18 bookings given GLUU's recent success of TSB and the loyal fan following the WWE trademark brings with it." He believes the news brought "greater confidence in our FY18 bookings estimate of ~$318M," since the new wrestling game "helps diversify GLUU's game slate and leverage a sports-minded audience of all ages."

Access RDI's Glu Mobile Research Report at:
https://ub.rdinvesting.com/news/?ticker=GLUU

Zynga Inc.'s shares closed up 4.70% on Friday with no remarkable news from the company. Traders may still be impressed by Piper Jaffray's announcement at the end of May where analyst Michael Olsen raised his price target on the company from $3 to $4. He also upgraded the stock from a "neutral" rating to "overweight." According to Olson, "2017 will be a year of monetizing existing games through live services, while continuing to right-size expenses." He also said, "We have confidence in management as most of the key players have come out of Electronic Arts and are following the same turnaround playbook that EA successfully implemented," Zynga saw its EPS grow 23.1% last year. It was revealed last week that in 1Q17, the company repurchased $86.2 million worth of its own stock.

Access RDI's Zynga Research Report at:
https://ub.rdinvesting.com/news/?ticker=ZNGA

Our Actionable Research on Glu Mobile Inc. (NASDAQ: GLUU) and Zynga Inc. (NASDAQ: ZNGA) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com