Unity price target lowered to $38 from $50 at Citi

Citi analyst Jason Bazinet lowered the firm’s price target on Unity to $38 from $50 and keeps a Buy rating on the shares. The company reported Q4 revenue and adjusted EBITDA above consensus and provided an update on its portfolio review, the analyst tells investors in a research note. The firm says that while the outlook disappointed, the recent portfolio rightsizing “will act as clearing event, establishing a new baseline for the firm to improve both revenue growth and profitability.”