Unity price target lowered to $40 from $50 at Stifel

Stifel lowered the firm’s price target on Unity to $40 from $50 and keeps a Buy rating on the shares after the company announced that John Riccitiello will retire as President, CEO, Chairman and a member of the company’s board. Following “a rocky few weeks” that started with Unity announcing its runtime fee, then backtracking on certain elements of the pricing changes, “it is clear that Unity has remaining work to regain its status as a trusted partner” for developers and the company “will now do so with a new leader at the helm,” the analyst tells investors.