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.”
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