Zynga Stock is ‘difficult to value at more than $10.20’

"Facebook needs Zynga but hard to justify stock value above $10.20", said an industry analyst.

The recent numbers released by Facebook show it depends on Zynga for over 12% of its revenue.

Facebook acknowledged this dependence, and listed it as a possible risk factor.

Trefis, a group which reappraises stock values to account for market oddities, published their findings on Forbes.

The Trefis price estimate for Zynga is "based on the diluted share count, which accounts for outstanding stock options, warrants and restricted stock." This diluted share count resulted in numbers substantially lower than those provided by the actual share count.

The report predicts that Zynga will see more growth than predicted in Q4 2011, a claim based on Facebook’s numbers for the same period.