Unity: Jefferies Maintains Buy Rating, Raises PT to $35 from $29

Unity: Jefferies Maintains Buy Rating, Raises PT to $35 from $29

Unity Software Inc. (U) shares are trading 1.09% lower at $29.11 as of the time of writing, according to data from Benzinga Pro. The stock has experienced a significant climb over the past three months, rising by more than 44%. Analysts from various firms have been weighing in on the stock, with several recent changes to ratings and price targets.

Jefferies Financial Group, a prominent research firm, has maintained a Buy rating on Unity Software but raised its price target from $29 to $35. This adjustment comes after the company reported strong first-quarter financial results, with sales of $435 million, exceeding the consensus estimate of $416.92 million. The company also reported adjusted earnings per share of 24 cents, beating the consensus estimate of a 36 cent-loss. Additionally, Unity guided second-quarter sales from $415 million to $425 million, which was higher than the consensus estimate of $423.45 million [1].

The consensus price target for Unity is $30.40, with the lowest price target sitting at $15 and the highest price target currently at $61. The stock initially rose after the earnings report but then pulled back. This recent pullback could be attributed to the increased price target and analysts' optimism about the company's growth prospects.

Unity's recent financial performance and analyst ratings suggest that the company is well-positioned for continued growth. However, investors should remain vigilant and monitor the company's future earnings reports and analyst ratings to make informed investment decisions.

References:
[1] https://www.benzinga.com/trading-ideas/movers/25/07/46326934/unity-shares-are-on-a-three-month-climb-whats-going-on