Unity price target raised to $54 from $51 at Wells Fargo

Wells Fargo raised the firm’s price target on Unity (U) to $54 from $51 and keeps an Overweight rating on the shares. The firm says its Q4 mobile game developer / publisher ad checks were broadly positive on category growth and continued to indicate year-over-year share gains for the Unity Ad Network, driven by Vector. As a result, Wells now assumes Q4 Unity Ad Network revenues positive 15% quarter-over-quarter. Better Unity Ad Network trends are offset by persistent challenges at Ironsource, cutting Q4 to negative 5% quarter-over-quarter, the firm adds.