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BTIG downgraded Unity Software Inc. to Sell from Neutral and set a $25 12-month price target, saying the stock’s recent rally has run ahead of fundamentals. Unity fell roughly 3.6% in pre-market trading Wednesday after the call. Analyst reports cited by BTIG argue investors are overestimating the benefit of Unity’s advertising model and said the company still must regain share in its core gaming segment and further develop its Create software business. The downgrade comes days before Unity is expected to release quarterly results.
$U | 𝐔𝐧𝐢𝐭𝐲 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞 (U): BTIG downgrades to 𝐒𝐞𝐥𝐥, sets 𝐏𝐓 𝐚𝐭 $𝟐𝟓.𝟎𝟎 (from Neutral) Analyst sees 𝐕𝐞𝐜𝐭𝐨𝐫 𝐢𝐦𝐩𝐫𝐨𝐯𝐞𝐦𝐞𝐧𝐭𝐬 priced in; warns 𝐬𝐭𝐨𝐜𝐤 𝐫𝐚𝐥𝐥𝐲 𝐨𝐯𝐞𝐫𝐬𝐡𝐨𝐨𝐭𝐬 𝐟𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥𝐬 ahead of earnings. https://t.co/wvTzsvdalS https://t.co/PvBSNSrEuP
Just in: Arete downgrades $SHOP to Neutral from Buy, citing a "heady valuation" that assumes "flawless results." Meanwhile, BTIG downgrades $U to Sell from Neutral, noting the recent rally overstates Unity's advertising model benefits.
$U -3% [BTIG downgraded Unity to Sell from Neutral with a $25 price target before the earnings report. The analyst believes the recent share rally overstates Unity's ad model benefits and emphasizes the need to regain gaming market share and evolve its Create business.]
