<p>越来越多的分析师对 <strong>Unity Software</strong>(U 10.96%) 的看涨观点达成一致。这家图形软件公司的股票在昨天飙升了 14%，因为 <strong>Jefferies</strong> 将其目标价上调至 35 美元。</p>
<p>今天，另外三位分析师也对 Unity 发表了看法——截至东部时间上午 9:55，股票上涨了 10.8%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODExOTkvMS1ncmVlbi1hcnJvdy1nb2luZy11cC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODExOTkvMS1ncmVlbi1hcnJvdy1nb2luZy11cC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>评估 Unity 股票</h2>
<p>今天早上，<strong>瑞银</strong> 将 Unity 股票的目标价上调至 33 美元，维持中性评级；Wedbush 将目标价上调至 39 美元，并给予跑赢大盘的推荐；而 <strong>摩根士丹利</strong> 则发布了好消息/坏消息的报告：</p>
<p>摩根士丹利分析师 Matthew Cost 今天在 The Fly 上写道，他看到 Unity 广告销售有 “显著改善”，增长了 15% 到 20%。Cost 表示，Unity“推出了一款在基本面上更具竞争力的广告产品”，这转化为巨大的销售增长。</p>
<h2>Unity 股票值得购买吗？</h2>
<p>但奇怪的是：Cost 给 Unity 股票的评级为超配，但目标价仅为 25 美元，低于今天 Unity 股票的 38 美元。那么投资者该如何看待这一点呢？</p>
<p>摩根士丹利可能打错了字，原本想将 Unity 股票的估值提高。或者，Cost 可能想表达的是，Unity 在 “合适的价格” 下会是一个买入机会。这是我认同的观点。</p>
<p>Unity 目前的自由现金流为 3.08 亿美元，市值为 158 亿美元，股票的市盈率为 51 倍。考虑到大多数分析师预测该公司未来五年自由现金流年增长仅约 26%，这似乎显得昂贵。但如果将股票价格下调约 35%，至每股约 25 美元，市值为 104 亿美元，或 33.5 倍自由现金流，估值看起来就更具吸引力。</p>
<p>在这个价格下，我甚至可能会自己买一些。</p>

<p>分析师们对 Unity Software 的看法越来越乐观，在 Jefferies 将其目标价上调至 35 美元后，股价上涨了 14%。瑞银和 Wedbush 也分别将目标价上调至 33 美元和 39 美元。摩根士丹利指出，Unity Ads 的销售增长了 15-20%，但设定了较低的目标价为 25 美元。尽管其自由现金流比率高达 51，但在 25 美元左右的较低价格可能会使 Unity 股票对投资者更具吸引力</p>

<p>More and more analysts are unifying behind a bull thesis on <strong>Unity Software</strong>(U 10.96%). Shares of the graphics software company rocketed 14% yesterday after <strong>Jefferies</strong> raised its price target to $35.</p>
<div class="lb-trans"><p>越来越多的分析师对 <strong>Unity Software</strong>(U 10.96%) 的看涨观点达成一致。这家图形软件公司的股票在昨天飙升了 14%，因为 <strong>Jefferies</strong> 将其目标价上调至 35 美元。</p>
</div><p>Today, three more analysts are chiming in on Unity -- and the stock is up 10.8% through 9:55 a.m. ET.</p>
<div class="lb-trans"><p>今天，另外三位分析师也对 Unity 发表了看法——截至东部时间上午 9:55，股票上涨了 10.8%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODExOTkvMS1ncmVlbi1hcnJvdy1nb2luZy11cC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F781199%2F1-green-arrow-going-up.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Valuing Unity stock</h2>
<div class="lb-trans"><h2>评估 Unity 股票</h2>
</div><p>In a trio of notes this morning, <strong>UBS</strong> raised its price target on Unity stock to $33, with a neutral rating; Wedbush raised its price target to $39 with an outperform recommendation; and <strong>Morgan Stanley</strong> ended with a good news/bad news note:</p>
<div class="lb-trans"><p>今天早上，<strong>瑞银</strong> 将 Unity 股票的目标价上调至 33 美元，维持中性评级；Wedbush 将目标价上调至 39 美元，并给予跑赢大盘的推荐；而 <strong>摩根士丹利</strong> 则发布了好消息/坏消息的报告：</p>
</div><p>Morgan Stanley analyst Matthew Cost writes today on The Fly that he's seeing &#34;marked improvement&#34; with Unity Ads sales up 15% to 20%. Unity has &#34;produced a fundamentally more competitive ad product,&#34; says Cost, that's translating into tremendous sales growth.</p>
<div class="lb-trans"><p>摩根士丹利分析师 Matthew Cost 今天在 The Fly 上写道，他看到 Unity 广告销售有 “显著改善”，增长了 15% 到 20%。Cost 表示，Unity“推出了一款在基本面上更具竞争力的广告产品”，这转化为巨大的销售增长。</p>
</div><h2>Is Unity stock a buy?</h2>
<div class="lb-trans"><h2>Unity 股票值得购买吗？</h2>
</div><p>But here's the weird part: Cost gives Unity stock an overweight rating, but only a $25 price target, which is below the $38 Unity stock costs today. So what's an investor to make of <em>that</em>?</p>
<div class="lb-trans"><p>但奇怪的是：Cost 给 Unity 股票的评级为超配，但目标价仅为 25 美元，低于今天 Unity 股票的 38 美元。那么投资者该如何看待这一点呢？</p>
</div><p>Morgan Stanley might have made a typo, and meant to value Unity stock higher. Alternatively, what Cost might be trying to say is that Unity would be a buy... <em>at the right price</em>. And that's a sentiment I agree with.</p>
<div class="lb-trans"><p>摩根士丹利可能打错了字，原本想将 Unity 股票的估值提高。或者，Cost 可能想表达的是，Unity 在 “合适的价格” 下会是一个买入机会。这是我认同的观点。</p>
</div><p>With $308 million in trailing free cash flow and a $15.8 billion market cap, Unity stock now trades at a steep 51 price-to-free-cash-flow ratio. This seems expensive to me given most analysts forecast the company will grow FCF only about 26% annually over the next five years. But if you cut the stock's price 35% or so, to about $25 a share, $10.4 billion, or 33.5 times FCF, the valuation looks more attractive.</p>
<div class="lb-trans"><p>Unity 目前的自由现金流为 3.08 亿美元，市值为 158 亿美元，股票的市盈率为 51 倍。考虑到大多数分析师预测该公司未来五年自由现金流年增长仅约 26%，这似乎显得昂贵。但如果将股票价格下调约 35%，至每股约 25 美元，市值为 104 亿美元，或 33.5 倍自由现金流，估值看起来就更具吸引力。</p>
</div><p>At that price, I might even buy some myself.</p>
<div class="lb-trans"><p>在这个价格下，我甚至可能会自己买一些。</p>
</div>

为什么 Unity Software 的股票一直在上涨