Zynga tests IPO waters with $7 billion target

Original CNN Article HERE, thanks Brock for pointing this out.

Excerpt:

Zynga, the creator of the -Ville social gaming franchise, filed in July for its IPO, but updated paperwork on Friday indicated that its offering is imminent. Zynga is looking to price its shares between $8.50 and $10 each. Pricing at the top of that range would give Zynga a valuation of around $7 billion.

But here's a sign of the chill hitting tech stocks: Even $10 a share is significantly below the $17.20 per share valuation Zynga used for a recent round of stock grants. As of August 2011, Zynga's outside consultants estimated the company's worth at $14 billion.

Check out the full article for more info.