Zynga IPO Valuation

In playing the Social Media Bubble game, it was inevitable that Zynga's turn would come up. The forever delayed IPO seemed destined for big numbers as a recently as a month ago...and a few months before that...and a few months before that. Things have changed quite a bit as of late and there are serious doubts about the company's valuation. Lots of nerves tight around this one, folks.

Doubts over the oft-delayed Zynga IPO are more of a reflection on the current state of markets or are they? It seems that recently so much of what happens with equities has a greater tie to overall sentiment than actual individual worth. Even a financial restatement in Zynga's favor can be thought of as a negative, when in different times it would be looked at as a strong buy sign.

With the rise of Google+, projected higher earnings for NVidia and Intel investments in "ultrabooks" infrastructure, the surrounding market should make Zynga a buy recommendation, shouldn't it?

I want to hear how you guys would go about going after Zynga from an analytic perspective, within the framework of the current environment. IPOs have always been big sentiment plays. We have watched (and still do from time-to-time) seemingly valueless companies rake in a ton in early day trading, yet occasionally a potentially hugely successful company sputters in its IPO.

I remember Tesla being the talk of the town for years. With bad timing around it, however, the IPO tanked and we rarely hear the once thought of as revolutionary company mentioned these days.

Is Zynga headed for the same fate? The stop and go repetition around the company IPO has made many investors nervous. How much of this is Zynga and how much is it the current investment environment as a whole?

Where do you guys stand on Zynga, short and long term?