Unity Software (U) PT Raised to $165 at Berenberg; Sell-Off a Buying Opportunity
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Berenberg analyst Gal Munda raised the price target on Unity Software (NYSE: U) to $165.00 (from $106.00) while maintaining a Buy rating, saying the recent sell-off is a buying opportunity.
The analyst commented, "Unity delivered excellent Q4 results that beat expectations on all metrics. While management introduced FY21 top-line guidance that was in line with consensus, buy-side expectations were clearly ahead of the Street. As a result, the shares were down as much as 15% the day after reporting results (vs. the S&P 500 up 0.3%). Unity continues to be one of the highest quality compounders in our space. We believe the recent pullback from the stock's highs is an opportunity to reiterate our Buy thesis. In fact, we believe that all investment points we noted in our initiation report are still valid. Based on (what we perceive as) conservative guidance for FY21 and given that the majority of the negative potential catalysts we had identified have not materialized, we are raising our price target to $165 (from $106)."
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