Unity downgraded to Underperform from Hold at Jefferies

Jefferies analyst Andrew Uerkwitz downgraded Unity to Underperform from Hold with an unchanged price target of $19. The analyst says that with a potential recession looming, he’s looking for safety and media names that have "downside de-risked." The analyst believes in real time 3D rendering and says Unity has a stranglehold on game engines. However, he downgraded the shares on valuation, saying he "couldn’t make the valuation work" with using sum-of-the-parts peer group multiples.