Zynga Inc shares fell as much as 18.6% on Friday morning, after the maker of FarmVille said it would abandon plans for real-money gaming in the United States, prompting at least three brokerages to cut their price targets on the stock.
Many investors own the stock only because they believe in the potential of real-money gambling, said Macquarie (USA) Equities Research analysts Ben Schachter, John Merrick and Tom White. Macquarie cut its target for the stock to US$2.75 (RM8.85) from US$3 (RM9.65).
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