Shanda Games (NASDAQ: GAME) was upgraded by equities research analysts at Zacks Investment Research from a “neutral” rating to an “outperform” rating in a research note issued to investors on Wednesday.

Shanda Games Limited (Shanda Games) is an online game company. Shanda Games develops and sources an array of game content through multiple channels, including in-house development, licensing, investment and acquisition, co-development and co-operation. Some of its online games are also Web games, which the Company categorizes as either massively multiplayer online role-playing games (MMORPGs) or advanced casual games, rather than as a separate category of online games. As of March 31, 2010, Shanda Games’ in-house development capabilities consisted of over 1,500 game development personnel and its game development platform. The Company licenses games from international and domestic developers. As of March 31, 2010, 11 of the Company’s 34 online games were licensed from third-party developers. Shanda Games MMORPGs are action adventure-based and draw upon themes, including martial arts adventure, fantasy, strategy and historical events.

Shares of Shanda Games opened at 4.81 on Wednesday. Shanda Games has a 52 week low of $3.51 and a 52 week high of $7.70. The stock’s 50-day moving average is $4.80 and its 200-day moving average is $5.91. The company has a market cap of $1.369 billion and a price-to-earnings ratio of 6.79.