In a late to the party move, Zynga (ZNGA) got the first bullish call from Cowen & Co. since the game developer went public. The Cowen analyst placed a $3.50 target on the stock after missing a near 100% gain from the February lows. Even worse, the stock trades near multi-year highs before the upgrade. Zynga is struggling to hold the gains making anybody suspicious on whether Cowen is getting clients in or out of the stock. Either way, the company should have good news on earnings tomorrow as CSR Racing 2 remains a top earning mobile game that should provide for solid guidance. Combined with existing games and a building casino franchise suggests the valuation is far from stretched as Zynga turns back to growth, but the recent rally might need a pause before a breakout. Disclosure: Long ZNGA