** Unity Software's U.N shares down 2.4% at $26.62 in premarket trading after video-game software maker secures capital raise
** San Francisco-based firm late Mon announced pricing offering of $600 mln 0% convertible bonds (CBs) due 2030
** Initial conversion price of $36.15 represents 32.5% premium to stock's last sale
** U shares fell 3.7% on Mon after co unveiled $500 mln offering with plans to repurchase $500 mln of its 0% 2026 CBs, among other purposes
** On Thurs, shares surged ~30% to close at $28 after co posted smaller-than-expected Q4 loss of 30 cents/sh vs LSEG estimate of 37 cents/sh, and said it will begin rolling out its new GPU-enabled AI advertising algorithm at the end of this current qtr
** Reacting to the news, multiple brokerages raised their PTs, including Morgan Stanley, BofA, Wells Fargo and Needham
** Morgan Stanley, which rates U 'overweight', went from $26 to $32, saying earlier-than-expected Vector roll-out is a "clear catalyst to reaccelerate the ad business by delivering stronger ROAS (return on ad spend)"
** Avg rating among 27 brokerages covering U is "buy"; median PT of $27 up from $23 a month ago and from $21 on Nov 25, per LSEG data
** Shares up 21% YTD through Mon, following 45% drop in 2024
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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