Zynga’s Stock Rises as Wall Street Approves of OMGPOP Acquisition

Despite Zynga paying a pretty penny for OMGPOP yesterday, Wall Street analysts generally approve of the acquisition. In early afternoon trading, Zynga’s stock was up about 2 percent, or 26 cents, to trade at $13.98 a share. In a research note, Baird Equity Research wrote that it believes OMGPOP will add an attractive user base to Zynga, and said it was generally bullish on Zynga’s prospects, raising its price target to $14 from $13 a share. Wedbush, which has a price target of $17 a share, believes the acquisition will accelerate Zynga’s smartphone growth, which it calculates is less than 10 percent of its revenue.