Zynga & Racing Icon Ken Block Announce Alliance; Street Says Buy

This article was originally published on TipRanks.com

Social video game services and social game developer Zynga Inc. (ZNGA) recently revealed that its subsidiary, NaturalMotion, has entered into a partnership with Ken Block, a professional rally driver, for a mobile game, CSR Racing 2 (CSR2).

Following the news, shares of the company declined 4.2% to close at $6.17 on Monday.

Implications of the Partnership

Through this partnership, NaturalMotion has become the official game partner of Ken Block. The partnership will commence with the premiere of the Hoonicorn vs. The World 2 in-game event, which will go on till December 7, 2021.

The partnership will enable CSR2 players to experience the aggressive and precision driving that Ken Block is known for.

Management Commentary

The Vice-President of CSR2 Racing, Julian Widdows, said, “We are extremely excited to embark on this multi-year partnership with Ken Block, which marks an important milestone for CSR2. Ken’s artistic and fearless approach to racing has ignited the passion of speed enthusiasts around the world. He is a racing legend, and we look forward to bringing his extraordinary talent to the mobile screen.”

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Price Target

Recently, BTIG analyst Clark Lampen reiterated a Buy rating on the stock with a price target of $10, which implies upside potential of 62.1% from current levels.

Consensus among analysts is a Strong Buy based on 11 Buys and 1 Hold. The average Zynga price target of $10.63 implies upside potential of 72.3% from current levels. Shares have declined 25.2% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Zynga’s performance this quarter.

According to the tool, the website of Zynga recorded a 178.18% monthly rise in global visits in October against the same period last year. Further, the website traffic has grown 78.25% year-to-date.

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