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.