(Reuters) – The three lead underwriters of King Digital Entertainment Plcs IPO started coverage of the stock with buy ratings or the equivalent, two days ahead of the release of the Candy Crush Saga game makers first results as a public company. King Digitals shares rose 1.7 percent before the bell on Monday, at the expiry of a 40-day quiet period for underwriters to issue recommendations after the IPO. Candy Crush peaked in mid-2013, but we expect it to still have a long tail of monetization driven by updated content, increased distribution, and effective marketing, analysts at J.P. Morgan Securities said in a research report. The analysts have an overweight rating on the stock, with a target price of $30 compared with the IPO price of $22.50.
Lead underwriters start Candy Crush maker with “buy” ratings
05
May
2014
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