Unity Software Inc. U shares rallied Tuesday after one analyst started the games engine and app monetization company at a buy and the company launched a dedicated AI software store. Unity shares rallied more than 15% to an intraday high of $42.44 Tuesday.
On Tuesday, Wells Fargo analyst Brian Fitzgerald initiated coverage of Unity with an overweight rating and a $48 price target on the basis that “waning metaverse hype” and questions about IronSource being the “right asset, wrong price, inopportune time” have “overshadowed a meaningful mobile cross-sell opportunity, cost synergies, and Industry [total addressable market] —creating an attractive buying opportunity.
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