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Unity Software Downgraded On Heels Of Portfolio Reset, 5 Analysts Provide Key Takeaways

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Shares of Unity Software Inc (NYSE: U) tanked in early trading on Tuesday, after the company reported a higher-than-expected loss for the fourth quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

  • Piper Sandler analyst Brent Bracelin upgraded the rating from Underweight to Neutral, while raising the price target from $30 to $35.
  • Needham analyst Bernie McTernan reiterated a Buy rating, while cutting the price target from $40 to $31.
  • Wedbush analyst Michael Pachter reaffirmed an Outperform rating, while trimming the price target from $50.00 to $35.50.
  • Oppenheimer analyst Martin Yang maintained a Perform rating on the stock.
  • Goldman Sachs analyst Kash Rangan reiterated a Neutral rating, while reducing the price target from $32 to $29.

Check out other analyst stock ratings.

Piper Sandler: Unity Software’s fourth-quarter revenues grew 35% year-on-year to $609 million, but was down by 2% at $510 million excluding a one-time revenue gain from the termination of the service agreement with Weta FX, Bracelin said.

“The top-line continued to be pressured by the ongoing portfolio reset, as well as competitive pressure within the …

Full story available on Benzinga.com

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