Unity Software (U) PT Lowered to $28 at Stifel

Stifel analyst J. Parker Lane lowered the price target on Unity Software (NYSE: U) to $28.00 (from $35.00) while maintaining a Buy rating.

The analyst commented, "As expected, 1Q guidance proved conservative as the company started the year showing less revenue contraction than guided towards as it undergoes changes in the Grow business. Encouragingly, most of the out-performance came from that side of the business. We expected commentary around the rollout of Vector to be the most important factor of the call, but another measured guide seemed to be an overhang on an otherwise solid call/print. Vector, in terms of rollout timeline and performance metrics, was better than expected. We believe the negative reaction to the print was primarily driven by a likely conservative 2Q guide and some moving parts in the growth algorithm over the remainder of the year. With Vector now in market, we are optimistic the company can drive better performance in the base and recapture share of the mobile ads market. Maintain Buy. TP to $28."

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