Jefferies analyst Alex Giaimo raised the firm's price target on Zynga (ZNGA) to $8.25 from $7.50 and keeps a Buy rating on the shares. The stock closed Wednesday up 22c to $6.78.

The analyst sees a path for the stock to top $8, representing 22% upside from current levels. The stay at home environment will help drive near-term engagement, while Zynga's "healthy" new game pipeline and "opportunistic" cash position will drive long-term performance, Giaimo tells investors in a research note. While bears will focus on the company's limited organic growth and heavy competition, Zynga management is well versed in navigating industry trends, adds the analyst.

Giaimo says Zynga remains a top pick along with Activision Blizzard (ATVI).