Shares of Unity Software (NYSE:U) are climbing today after an analyst initiated coverage of the company on Friday with a buy rating. Shares jumped by as much as 10.3% this morning, before settling slightly lower. As of 11:25 a.m. EDT, Unity’s stock was up 8.9%.
D.A. Davidson analyst Franco Granda started his coverage of the stock at the end of last week with a price target of $100. Investors have been excited about Unity ever since the company went public less than two weeks ago, and the buy rating Granda slapped on the stock helped push shares up even higher.
Since the company’s initial public offering (IPO) on Sept. 18, Unity’s shares have climbed 43%.
Unity makes software that’s used by video game publishers and competes with Epic Game’s Unreal Engine. Granda believes that Unity’s software will not only benefit from the