Unity upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler upgraded Unity to Neutral from Underweight with a price target of $30, down from $35. The company’s “material” 2024 growth reset of 3% at the midpoint could pressure the valuation multiple until growth reaccelerates, the analyst tells investors in a research note. However, the 19% after-hours selloff creates a more balanced risk/reward profile, says the firm. Piper believes Unity’s model is now “de-risked.”