Unity price target lowered to $36 from $40 at Wells Fargo

Wells Fargo lowered the firm’s price target on Unity to $36 from $40 and keeps an Overweight rating on the shares. The firm notes Unity is nearing completion of phase 1 — exiting non-core businesses, rationalizing cost base — and expects phase 2 — reacceleration — to begin in the second half of the year. Wells further points out that FY24 guide appropriately conservative, leaving little room for downside surprise.