In a research report released on Friday, Deutsche Bank analyst Lloyd Walmsley reiterated a Hold rating on King Digital Entertainment PLC (NYSE:KING), but raised the price target to $21 (from $16), which implies an upside of 17.5% from current levels. The report follows the company’s strong fourth-quarter results and first-quarter guidance that was well above consensus estimates.
Walmsley noted, “King has come a long way towards proving it can bring more hits to market with Soda off to a strong start. We warm to the story but maintain Hold rated awaiting sustained traction outside of the Candy franchise.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Lloyd Walmsley has a total average return of 16.0% and a 56.7% success rate. Walmsley has a -24.1% average return when recommending KING, and is ranked #294 out of 3510 analysts.