UPDATE: CLSA Upgrades Sea Ltd. (SE) to Buy (1)
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CLSA analyst Marcus Liu upgraded Sea Ltd. (NYSE: SE) from Outperform (2) to Buy (1) with a price target of $275.00.
The analyst comments "Growth stocks continue to feel the pressure of rising long-term interest rates. That has weighed on multiples in both of Sea’s key businesses and the stock’s outperformance in 2020 gave its valuations a higher perch to be knocked from. Multiples have contracted and Shopee is no longer the most expensive ecommerce platform in the world in P/GMV terms, despite the strongest expected growth. While rate risks persist, fundamentals remain intact and consensus gross merchandise value (GMV) growth has actually risen in recent weeks. We remain bullish on the longerterm prospects and see current valuations as an attractive entry point. We leave estimates/target price unchanged and upgrade from O-PF to BUY."
Shares of Sea Ltd. closed at $202.61 yesterday.
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