Boston, MA 05/06/2014 (wallstreetpr) – Interactive entertainment company, King Digital Entertainment PLC (NYSE:KING), shares were up on Monday trading session by a high of 8.49% after the company received a series of multiple buy ratings as analysts continue to initiate coverage. Coverage comes at a time that King is about to announce its first quarter earnings having finished the IPO for Candy Crush Saga that closed on March 26.
King Ratings in the Market
JPMorgan initiated a series of coverage of the company’ stock giving it an “Overweight” rating in the process, having acted as the Lead underwriter for the IPO. JPMorgan on its part expects King to grow as a leader in mobile games at the back of immense growth in social media with increased smartphone and tablet penetration. The rapidly growing app economy and a shift to free-to play games is also expected to have a major impact on the company.
Credit Suisse on its part maintains an “Outperform” rating with a share price target of $28 emphasizing that Smartphones and tablets are the dominant modality for Kings Games. King Digital Entertainment PLC (NYSE:KING) is highly levered to benefit from the proliferation of connected devices.
Other research equity firms that have initiated coverage include Pacific Crest Securities, Cowen & Co and RBC capital markets. Pacific Crest on its part has an “Outperform” rating on the company’s stock with a share price target of $21. Cowen also maintains the same rating but with a hire share price target of $31
The recently held IPO was a successful one having raised a total of $500 million with shares being priced at $22.50. This followed King Digital Entertainment PLC (NYSE:KING)’s announcement that it was going to launch a Chinese Version of Candy crush Saga perfectly suited for the Chinese markets, exclusively with Tencent Holdings. The agreement is expected to further extend the company’s holdings in Asian Market following successful debuting in Korea and Japan.
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