Bank of America upgraded Zynga (NASDAQ: ZNGA) from Underperform to Buy and raised the price target from $2.70 to $3.40. Bank of America commented, "While our upgrade could be early with bookings expected to decline q/q in 1Q, and our below-Street 2013 estimates, we are upgrading ZNGA to Buy due to the following: 1) valuation now reflects downside