Zynga to rally 23% on 'breakout' hit, Cowen says

Pedestrians walk in front of the Zynga headquarters in San Francisco.
David Paul Morris | Bloomberg | Getty Images

Investors should buy Zynga shares due to the success of its latest games, according to Cowen, which raised its rating on company to outperform from market perform.

"The breakout success of the recent release CSR Racing 2, plus steady mobile growth driven by the company's casino franchises, makes shares attractive at current valuation," analyst Doug Creutz wrote in a note to clients Wednesday.