Loading...
U logo

Unity Software Inc.NYSE:U Stock Report

Market Cap US$11.9b
Share Price
US$27.28
US$37.41
27.1% undervalued intrinsic discount
1Y32.0%
7D4.5%
Portfolio Value
View

Unity Software Inc.

NYSE:U Stock Report

Market Cap: US$11.9b

Unity Software (U) Stock Overview

Operates a platform to develop, deploy, and grow games and interactive experiences for mobile phones, PCs, consoles, and extended reality devices in the United States, China, Hong Kong, Taiwan, Europe, the Middle East, Africa, the Asia Pacific, Canada, and Latin America. More details

U fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance0/6
Financial Health5/6
Dividends0/6

U Community Fair Values

Create Narrative

See what 144 others think this stock is worth. Follow their fair value or set your own to get alerts.

Software opportunity

Unity Software Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Unity Software
Historical stock prices
Current Share PriceUS$27.28
52 Week HighUS$52.15
52 Week LowUS$16.78
Beta2.04
1 Month Change24.06%
3 Month Change17.54%
1 Year Change32.04%
3 Year Change-5.08%
5 Year Change-67.62%
Change since IPO-60.09%

Recent News & Updates

Narrative Update Apr 29

U: Future Earnings Power Will Rely On VR Partnership And Margin Expansion

Analysts have trimmed their 12 month price target for Unity Software from $46.00 to about $44.85, citing updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Unity extended its multi year platform support and enterprise agreement with Meta, keeping Unity as a key content creation partner for Meta’s VR hardware and operating system and maintaining support for developers building games and business applications on Meta’s VR devices (Client Announcement).
Seeking Alpha Apr 17

Unity: Too Uncertain To Trust The Turnaround

Summary I recommend holding Unity, as it is fairly valued at $22.76, with high uncertainty and a 49.3% chance of outperforming the current price. U faces intense competition from AppLovin, Meta, and open-source platforms, limiting its ability to achieve scale and long-term leadership. Unity's margins are improving but remain far below peers; stock-based compensation is declining yet still impacts profitability. Despite restructuring and short-term growth, U's long-term prospects are clouded by industry risks and competitive pressures, justifying a Hold rating. Read the full article on Seeking Alpha
Narrative Update Apr 15

U: Platform Refocus And Asset Impairments Will Limit Upside Potential

Analysts have increased their price target for Unity Software to $19.00, reflecting slightly adjusted assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News Unity and Meta extended a multi-year platform support and enterprise agreement, with Unity continuing to support Meta's VR platform so developers can build and grow games and business applications on Meta VR devices (Client announcement).
Narrative Update Apr 01

U: Ad Network Exit And Publishing Divestiture Will Support Future Upside Potential

Analysts have trimmed their price target for Unity Software slightly to $32.04 from $32.33, reflecting updated views on revenue growth, profit margins, discount rates, and future P/E assumptions. What's in the News Unity plans to sunset the ironSource Ads Network effective April 30 and has hired a financial advisor to explore divesting its Supersonic game publishing business, with management indicating expectations for faster revenue growth, higher Adjusted EBITDA, and higher Adjusted EBITDA margins once these changes are completed.

Recent updates

Narrative Update Apr 29

U: Future Earnings Power Will Rely On VR Partnership And Margin Expansion

Analysts have trimmed their 12 month price target for Unity Software from $46.00 to about $44.85, citing updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News Unity extended its multi year platform support and enterprise agreement with Meta, keeping Unity as a key content creation partner for Meta’s VR hardware and operating system and maintaining support for developers building games and business applications on Meta’s VR devices (Client Announcement).
Seeking Alpha Apr 17

Unity: Too Uncertain To Trust The Turnaround

Summary I recommend holding Unity, as it is fairly valued at $22.76, with high uncertainty and a 49.3% chance of outperforming the current price. U faces intense competition from AppLovin, Meta, and open-source platforms, limiting its ability to achieve scale and long-term leadership. Unity's margins are improving but remain far below peers; stock-based compensation is declining yet still impacts profitability. Despite restructuring and short-term growth, U's long-term prospects are clouded by industry risks and competitive pressures, justifying a Hold rating. Read the full article on Seeking Alpha
Narrative Update Apr 15

U: Platform Refocus And Asset Impairments Will Limit Upside Potential

Analysts have increased their price target for Unity Software to $19.00, reflecting slightly adjusted assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News Unity and Meta extended a multi-year platform support and enterprise agreement, with Unity continuing to support Meta's VR platform so developers can build and grow games and business applications on Meta VR devices (Client announcement).
Narrative Update Apr 01

U: Ad Network Exit And Publishing Divestiture Will Support Future Upside Potential

Analysts have trimmed their price target for Unity Software slightly to $32.04 from $32.33, reflecting updated views on revenue growth, profit margins, discount rates, and future P/E assumptions. What's in the News Unity plans to sunset the ironSource Ads Network effective April 30 and has hired a financial advisor to explore divesting its Supersonic game publishing business, with management indicating expectations for faster revenue growth, higher Adjusted EBITDA, and higher Adjusted EBITDA margins once these changes are completed.
New Narrative Mar 27

U: The Great Pivot Toward AI-Powered Monetization

Unity Software Inc. (U) is currently undergoing one of the most significant strategic overhauls in its history, attempting to shed its image as a struggling "growth-at-all-costs" firm.
Narrative Update Mar 18

U: New Commerce Integration And Web Store Monetization Will Support Future Upside Potential

Analysts now set their Unity Software fair value estimate at $32.33, down from $47.47. The change is linked to slightly higher discount rate assumptions, more moderate revenue growth expectations, a higher projected profit margin, and a much lower future P/E estimate.
Narrative Update Mar 04

U: Future Earnings Power Will Rely On Rising Long Term Profitability

Analysts have adjusted their fair value estimate for Unity Software to $46 from $44. This change reflects updated assumptions around revenue growth, profit margins, the discount rate and future P/E expectations.
Narrative Update Feb 18

U: Commerce Partnerships And Sharper Profit Focus Will Shape A More Balanced Outlook

Analysts have revised their fair value estimate for Unity Software from about $30.80 to roughly $18.76. This change reflects updated views on revenue growth, profit margins, and a much lower assumed future P/E multiple.
Analysis Article Feb 12

Some Unity Software Inc. (NYSE:U) Shareholders Look For Exit As Shares Take 55% Pounding

Unity Software Inc. ( NYSE:U ) shares have had a horrible month, losing 55% after a relatively good period beforehand...
Narrative Update Feb 04

U: New Commerce Integrations And Distribution Partnerships Will Support Future Upside Potential

Analysts have lifted their fair value estimate for Unity Software from US$45.63 to US$47.47, pointing to updated assumptions around revenue growth, profit margins, and a slightly higher discount rate along with a lower projected future P/E multiple. What's in the News Coda is integrating Unity's In App Purchasing SDK with its global web store platforms, giving developers a single place to manage and optimize digital catalogs across mobile, web, and PC through Unity's existing IAP workflow (Key Developments).
Narrative Update Jan 21

U: Commerce Platform Tie-Ups Will Likely Sustain An Unsupportive Forward P/E Multiple

Analysts have adjusted their price target framework for Unity Software to reflect a fair value of about $30.80 per share, citing updated assumptions for revenue growth, profit margins, the discount rate, and a very large forward P/E multiple. What's in the News Coda is integrating Unity's In App Purchasing SDK with Coda's global web store platforms, giving developers a single place to manage and optimize digital catalogs across mobile, web, and PC through Unity's existing IAP workflow.
Narrative Update Jan 07

U: Future Multiple Expansion On Commerce Tie-Ups Will Likely Prove Excessive

Analysts have raised their fair value estimate for Unity Software from about US$23.39 to roughly US$29.94, citing updated assumptions for revenue growth, profitability, the discount rate, and a higher future P/E multiple. What's in the News Unity and Epic Games plan to let developers publish Unity games into Fortnite, which could widen distribution options for creators using Unity tools.
Narrative Update Dec 14

U: New Ecosystem Partnerships And Commerce Tools Will Support Balanced Risk And Reward

Analysts have nudged their price target on Unity Software higher to approximately 45.63 dollars from about 43.70 dollars. This reflects expectations for stronger revenue growth despite sharply compressed profit margin forecasts and a materially higher assumed future earnings multiple.
Narrative Update Nov 29

U: New Platform Partnerships And Product Expansions Will Support Balanced Risk And Reward

Unity Software's analyst price target has been raised from $42.31 to $43.70 per share, as analysts cite an improved revenue growth outlook as a key factor in the upward revision. What's in the News Unity and Epic Games are collaborating to allow the publishing of Unity games within Fortnite, expanding opportunities for both players and developers.
Narrative Update Nov 15

U: Revenue Forecast Boost and New Product Access Will Drive Stronger Performance

Unity Software's analyst price target has risen from $36.88 to $42.31. Analysts cite stronger projected revenue growth as the primary driver for the upward revision.
Narrative Update Nov 01

U: Upskilling Initiatives And Expanded Device Support Will Shape Future Prospects

Analysts have slightly raised their price target for Unity Software to $36.88 from $36.87, citing incremental improvements in revenue growth projections, even though the outlook for profit margins has been modestly reduced. What's in the News Unity announced enhancements to its engine, allowing developers to manage global commerce, catalog, and payment providers from a single dashboard.
Narrative Update Oct 17

AI Developments And Partnerships With Tencent Will Expand Markets

Unity Software's analyst price target has increased from $35.17 to $36.87. This reflects analysts' expectations for slightly stronger revenue growth and improved profit margins.
Narrative Update Oct 03

AI Developments And Partnerships With Tencent Will Expand Markets

Unity Software's analyst price target has been revised upward from $34.75 to $35.17, as analysts cite that slightly stronger revenue growth expectations outweigh minor adjustments to profit margin and discount rate forecasts. What's in the News Globant and Unity Software formed a global partnership, enabling both companies to deliver interactive solutions using Unity's real-time 3D technology for sectors such as manufacturing, healthcare, and automotive.
Analysis Article Sep 06

Subdued Growth No Barrier To Unity Software Inc. (NYSE:U) With Shares Advancing 37%

Despite an already strong run, Unity Software Inc. ( NYSE:U ) shares have been powering on, with a gain of 37% in the...
Narrative Update Sep 06

AI Developments And Partnerships With Tencent Will Expand Markets

Unity Software’s modestly higher analyst price target is primarily driven by a slight increase in its forward P/E multiple, reflecting a more optimistic outlook on future earnings, raising the consensus fair value from $33.98 to $34.75. What's in the News Unity and Globant announced a global partnership to deliver real-time 3D and digital twin solutions for enterprise sectors, including manufacturing, healthcare, and automotive, with Globant joining the Unity Service Partner Program and investing heavily in Unity certification for its engineering teams.
Narrative Update Aug 22

AI Developments And Partnerships With Tencent Will Expand Markets

Unity Software’s consensus price target has been raised, primarily reflecting a substantial increase in its future P/E multiple despite a slight decline in net profit margin, resulting in an updated fair value of $33.98. What's in the News Unity and Globant formed a global partnership to deliver real-time 3D and digital asset management solutions across sectors like manufacturing, healthcare, and automotive, with Globant integrating Unity products into enterprise systems and certifying its workforce on Unity technology.
Narrative Update Aug 07

AI Developments And Partnerships With Tencent Will Expand Markets

The Consensus Analyst Price Target for Unity Software has increased to $28.98, driven by a notable upgrade in expected annual revenue growth from 6.3% to 8.9%. What's in the News Unity reported property and equipment impairments of $579,000 for Q2, significantly down from $8.32 million a year ago.
User avatar
New Narrative Jul 21

What Really Matters For Long-Term Growth

Despite near all-time-low valuations, Unity remains a leader in 2D/3D content development, particularly in mobile and indie games and the XR market.
Analysis Article Jul 16

Optimistic Investors Push Unity Software Inc. (NYSE:U) Shares Up 25% But Growth Is Lacking

Despite an already strong run, Unity Software Inc. ( NYSE:U ) shares have been powering on, with a gain of 25% in the...
Analysis Article Jun 29

Estimating The Fair Value Of Unity Software Inc. (NYSE:U)

Key Insights The projected fair value for Unity Software is US$24.80 based on 2 Stage Free Cash Flow to Equity Unity...
Analysis Article Jun 02

Could Apple Buy Unity? How This Analyst's Spicy Prediction May Impact U's Narrative

Analyst Joost van Dreunen predicts that Apple could make a move to acquire Unity Technologies
Seeking Alpha Apr 23

Unity Software: Turnaround Looks Promising - Bright Advertising Prospects Ahead

Summary Unity Software's new management team has further demonstrated its determination to turn the ship around, through the migration of its Unity advertising network to a new AI-based platform, Unity Vector. This strategy may allow the company to directly compete with APP in the Mobile User Acquisition Market, as the global mobile marketing market grows to $99.18B in 2033. U's improved monetization may occur as soon as Q3'25, once the Unity Vector transition is completed by the end of Q2'25 and H1'25 likely to be trough quarters. These reasons may also be why the market has awarded the company with somewhat reasonable valuations, with the recent selloff also triggering a near doubling upside potential. With U set to report their upcoming FQ1'25 earnings call on May 7, 2025, we shall highlight a few important metrics for readers to note. Read the full article on Seeking Alpha
User avatar
New Narrative Mar 20

Partnership With Google In XR Will Strengthen Future Competitive Position

Enhanced AI and expanded XR partnerships could boost revenue, margins, and competitive position in both gaming and non-gaming markets.
Seeking Alpha Mar 19

Unity Software: Credible Turnaround

Summary Unity Software's new management, led by CEO Matthew Bromberg, is focused on cost discipline, developer alignment, and a "fidelity for ubiquity" strategy to drive turnaround. Despite a 17% revenue decline in 2024, positive free cash flow and strategic decisions have restored investor confidence, leading to a 23% stock price surge. Bromberg's elimination of the controversial runtime fee and strategic hires like Jim Payne aim to revitalize Unity's Ad Tech business and enhance monetization. Valued at $35.5 per share, Unity faces competition from AppLovin and risks related to developer trust but offers a promising long-term investment. Read the full article on Seeking Alpha
Seeking Alpha Feb 21

Unity Software: Tough Transition Still In The Works

Summary Unity Software's Q4 results showed progress, but the company still faces challenges, with 2025 being another transition year. The company reported mixed Q4 numbers with a 25% sales drop, but the strategic portfolio sales grew 4% YoY. Unity's new AI ad tech product, Vector, promises future growth, but the transition will impact revenues in the short term, leading to weak Q1 guidance. The stock is back up to ~7x forward EV/S targets, expensive for a company with limited to no growth. Read the full article on Seeking Alpha
Seeking Alpha Jan 31

Unity Software: DeepSeek And A New Executive Team Could Change The Narrative

Summary I see DeepSeek as a game-changing AI innovation that could significantly enhance Unity’s platform and developer experience. Unity Software Inc.’s new executive team, with a fresh CEO, CFO, and CTO, gives me confidence that meaningful changes are on the horizon. I’m keeping a close eye on the Q4 2025 guidance to see if Unity can present a compelling new narrative and hit key financial targets. While the debt remains a concern, I believe that if Unity reaches over $260 million in free cash flow, it could be a turning point for U stock investors. Read the full article on Seeking Alpha
Seeking Alpha Dec 31

Unity Software: Bullish As It Returns To Growth In 2025

Summary Unity Software's stock, despite past struggles, is set for a comeback in 2025. Unity's graphics engine dominates the mobile game market and is having increasing success in consoles, PC games, and AR/VR, offering developers ease of use and interoperability. The gaming industry is stabilizing, and Unity's focus on its core business and reduced costs will drive sharply improved profitability. Unity's competitive moat, asset store, and market position make it a strong investment candidate within the gaming industry. Read the full article on Seeking Alpha
Seeking Alpha Nov 25

Unity's Potential Turnaround, Will It Pull It Off?

Summary Unity Software is recommended as a speculative investment despite its past missteps, with new leadership aiming to revitalize the company and its offerings. The company's "Grow" segment, which focuses on in-game advertising, has faced significant challenges but is undergoing a fundamental rebuild to enhance ROAS. Unity's "Create" business has launched Unity 6 with substantial improvements and repealed unpopular runtime fees, aiming to regain developer trust and market share. The potential for Unity to emulate AppLovin's success in the in-game advertising space presents a compelling turnaround opportunity with significant upside if successful. Read the full article on Seeking Alpha
Seeking Alpha Oct 26

Unity Software: Possible Turnaround Opportunity If Sales Improve

Summary The video game industry, valued at $273 billion, is projected to reach $664 billion by 2033, driven by cultural and demographic shifts. Unity Software faced a rough 2023, with PR problems that caused their CEO to resign. Unity's restructuring, which cost $201 million and was finalized in June 2024, included significant layoffs in 2023 and 2024. The aim was to reset the company. The crisis led Unity's CEO to attempt a reset with new product launches, an AI-powered assistant service, and a smaller structure due to layoffs. A strong balance sheet and decent margins showcase the possibility of a turnaround if the product launches prove successful and the company's reputation is restored. Read the full article on Seeking Alpha
Seeking Alpha Sep 20

Unity Software: What Really Matters For Long-Term Growth

Summary Despite near all-time low valuations, Unity remains a leader in 2D/3D content development, particularly in mobile and indie games and the XR market. Unity's diversified revenue streams, particularly in non-gaming sectors, and strategic positioning in high-growth markets like XR, bolster its long-term growth potential. Significant restructuring progress with the new management addressing past missteps evident by the rollback of the controversial runtime fee. With analysts predicting no real growth until 2028 Unity holds a significant upside if it executes its strategy successfully. The synergy between Unity's Create and Grow solutions could prove to be a key competitive advantage, though the increasing competition in the advertising and gaming markets remains a notable challenge. Read the full article on Seeking Alpha
Seeking Alpha Sep 13

I Was Wrong On Unity: The Runtime Fee Rally Is An Exit Opportunity (Ratings Downgrade)

Summary Unity's stock surged after canceling a controversial fee and raising subscription prices. U stock has struggled this year as the company works through a strategic reset. The reduction in guidance has impaired my confidence in the growth thesis. I am downgrading the stock and detailing where I'd be interested in the stock again. Read the full article on Seeking Alpha
Seeking Alpha Aug 21

Unity: Monetization Issues Will Take Time To Address

Summary While Unity's Q2 results were in line with expectations, the company cut its guidance and announced that it was changing its CFO. Unity's business appears to be stabilizing, but the company shows no signs of closing the performance gap with AppLovin. Outside of monetization issues, Unity's Create segment is only growing due to its expansion outside gaming. This is concerning given the backlash created by runtime fees. Unity's margins and cash flows are improving, but it is difficult to see the stock rebounding until growth returns. Read the full article on Seeking Alpha
Seeking Alpha Aug 15

Unity Software Has More To Lose Before Growth Is Reignited

Summary Unity Software experienced a -16% decline in revenue in q2'24, with a focus on restructuring and new growth initiatives. Management is working on improving its ad-revenue segment using machine learning while enhancing its go-to-market strategy. Unity faces an uphill battle in reigniting its growth trajectory as management focuses on rekindling customer relationships while increasing platform prices. Read the full article on Seeking Alpha
Seeking Alpha Aug 05

Is Unity Software A Good Buy Ahead Of Its Q2 Results?

Summary Unity Software stock has experienced significant wealth destruction since its IPO, and is now trading at lifetime lows. The Q2 event due to be held on August 8 could be a small step in righting the wrongs, with the new CEO due to address investors for the first time. We touch upon the major themes that could dominate the event. We close with some thoughts on the technicals and the valuations and gauge if the U stock would make a good BUY now. Read the full article on Seeking Alpha
Seeking Alpha Jul 03

Unity: Catching A Falling Knife Could Hurt Badly (Downgrade)

Summary Unity Software Inc. investors have endured another hammering since Unity's Q1 earnings release in May. The company is facing intense competition with AppLovin and might not be winning. Unity aims for revenue growth acceleration in the second half but faces challenges in non-core businesses and ad monetization. Uncertainties linked to Unity's new direction under a new CEO and ad monetization uncertainties could hamper a further recovery. I argue why I can no longer maintain a bullish rating on Unity stock. Read the full article on Seeking Alpha
Seeking Alpha Jun 27

Unity: All Talk, No Progress

Summary Unity's monetization business continues to struggle, with falling revenue and large losses on the back of excessive stock-based compensation. Market conditions aren't helping, but Unity's problems are primarily self-inflected, and the company's failure to address its problems doesn't inspire confidence. While Unity's valuation could eventually result in significant upside, this is likely a long way off. In the short-term, downside risk remains elevated due to Unity's lack of growth and the ongoing dilution of existing shareholders. Read the full article on Seeking Alpha

Shareholder Returns

UUS SoftwareUS Market
7D4.5%3.7%3.2%
1Y32.0%-7.9%31.0%

Return vs Industry: U exceeded the US Software industry which returned -7.9% over the past year.

Return vs Market: U matched the US Market which returned 31% over the past year.

Price Volatility

Is U's price volatile compared to industry and market?
U volatility
U Average Weekly Movement12.3%
Software Industry Average Movement9.7%
Market Average Movement7.1%
10% most volatile stocks in US Market16.1%
10% least volatile stocks in US Market3.2%

Stable Share Price: U's share price has been volatile over the past 3 months compared to the US market.

Volatility Over Time: U's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

FoundedEmployeesCEOWebsite
20044,412Matt Brombergunity.com

Unity Software Inc. operates a platform to develop, deploy, and grow games and interactive experiences for mobile phones, PCs, consoles, and extended reality devices in the United States, China, Hong Kong, Taiwan, Europe, the Middle East, Africa, the Asia Pacific, Canada, and Latin America. The company's platform offers artificial intelligence solutions that support developers through the entire development lifecycle, which includes prototyping, live service operation, user acquisition, and monetization. It also provides Create Solutions, a set of tools and services used to build, ship, and run real-time 2D and 3D content; and Grow Solutions, which allows customers to grow and engage their user base and monetize their content.

Unity Software Inc. Fundamentals Summary

How do Unity Software's earnings and revenue compare to its market cap?
U fundamental statistics
Market capUS$11.93b
Earnings (TTM)-US$402.76m
Revenue (TTM)US$1.85b
6.4x
P/S Ratio
-29.6x
P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
U income statement (TTM)
RevenueUS$1.85b
Cost of RevenueUS$475.95m
Gross ProfitUS$1.37b
Other ExpensesUS$1.78b
Earnings-US$402.76m

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

May 07, 2026

Earnings per share (EPS)-0.92
Gross Margin74.27%
Net Profit Margin-21.78%
Debt/Equity Ratio63.9%

How did U perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/06 04:31
End of Day Share Price 2026/05/06 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Unity Software Inc. is covered by 45 analysts. 25 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David MakArete Research Services LLP
Ross SandlerBarclays
X. LuBarclays