August 22, 2012 / 4:17 PM / 5 years ago

JMP starts Zynga with "market outperform" rating, shares jump

The corporate logo of Zynga Inc, the social network game development company, is shown at its headquarters in San Francisco, California April 26, 2012.Robert Galbraith/Files

(Reuters) - JMP Securities initiated coverage on Zynga Inc (ZNGA.O) with a "market outperform" rating, Dow Jones reported, sending the social gaming company's shares up as much as 10 percent.

Zynga, one of the several Internet startups that made a debut with fanfare last year, slashed its 2012 earnings outlook late last month blaming a steep drop-off in players for its core Facebook Inc (FB.O) money-makers.

Shares of the San Francisco-based creator of "Farmville" were up 7 percent at $3.17 on the Nasdaq on Wednesday morning. They have lost more than 40 percent of their value since the company slashed its outlook on July 25.

Reporting by Supantha Mukherjee in Bangalore; Editing by Supriya Kurane

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