Unity price target lowered to $38 from $54 at Wells Fargo

Wells Fargo lowered the firm’s price target on Unity (U) to $38 from $54 and keeps an Overweight rating on the shares. The firm says Unity’s Q4 EPS and Q1 guide were impacted by a deterioration in Ironsource and greater-than-expected Create seasonality. While disappointing, it doesn’t change Wells’ core thesis on runtime data driving an improvement in Unity Ad Network share.

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