Unity Software Inc. (U) shares are soaring 5.05% in pre-market trading on Monday, following a significant target price upgrade from Wells Fargo. The stock's upward movement comes as investors react positively to the improved outlook from a major financial institution.

Wells Fargo has raised its target price for Unity Software from $19 to $24, representing a substantial 26% increase. This upgrade signals growing confidence in Unity's future performance and potential within the software development and gaming industry. The new target price suggests that Wells Fargo analysts see considerable upside potential for Unity's stock.

The target price increase could be attributed to various factors, including Unity's recent performance, market position, or anticipated developments in the gaming and interactive content creation sectors. As Unity continues to expand its presence in real-time 3D content creation and operate across multiple platforms, such positive analyst sentiment may further boost investor confidence in the company's growth trajectory.