Unity Software (NYSE:U) gained more than 4% intra-day on Thursday after BTIG upgraded the stock to Buy from Neutral and assigned a $60 price target.

The analyst said the upgrade stemmed from growing upside potential in Unity's Grow segment, improving industry conditions, and additional catalysts such as in-app purchase monetization opportunities within the Create business that the market had yet to fully price in. Despite the stock's roughly 15% month-to-date rally and 40% gain since BTIG's pre-earnings upgrade to Neutral, the firm argued that Unity's intrinsic value remained higher than current trading levels.