Unity price target raised to $55 from $50 at Wedbush

Wedbush analyst Michael Pachter raised the firm’s price target on Unity to $55 from $50 and keeps an Outperform rating on the shares. The firm notes Unity delivered a record quarter as it beat on the top- and bottom-line. In Wedbush’s view, Unity is the best positioned tech company to capitalize on emerging trends in the use of digital twins and the best positioned ad tech company to deliver brand advertisers to a 3.5B strong gaming audience. The firm further believes that these markets will evolve slowly until there is a breakthrough either in approach or philosophy, but once the breakthrough occurs, it expects Unity to be in a position to capitalize immediately.