Unity upgraded to Neutral at BTIG after advertising survey

As previously reported, BTIG analyst Clark Lampen upgraded Unity (U) to Neutral from Sell and removed the firm’s prior $27 price target after the firm recently conducted two surveys of gaming and non-advertising professionals that use AppLovin (APP), Unity, and a variety of other performance advertising platforms. The firm previously downgraded shares to Sell last quarter on a view that the Vector product wasn’t living up to its hype and that the stock was likely to correct with both investor expectations and valuation elevated, but the survey suggests that while performance is still mixed and advertisers have some gripes around cohort evolution, spending trends are healthy and paint a different picture of the setup, the analyst tells investors.