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

Citi raised the firm’s price target on Unity to $50 from $38 and keeps a Buy rating on the shares. In conjunction with Q3 results, Unity began a comprehensive review of its portfolio, the analyst tells investors in a research note. The firm says the company has taken incremental steps to execute on this plan including closing 14 offices and shutting down Weta Digital. It expects these actions to be accretive to 2024 margins and adjusted EBITDA. Citi continues to see share upside on the back of Unity’s ongoing review of its portfolio.