Benchmark analyst Fawne Jiang reiterated a Buy rating and $140.00 price target on Sea Ltd. (NYSE: SE).

The analyst commented, "SE shares rallied yesterday following strong 1Q results, as the print shifted market perception toward a more balanced investment approach and helped ease, though not fully resolve, key concerns around investment intensity, payback visibility, and margin trajectory that had weighed on the stock since year-end. This reinforces our long-held view: FY26 guidance outlined a base case where incremental investment drives incremental growth, and 1Q execution shows this is being implemented in a disciplined manner with early signs of returns. While investment levels remain fluid in the near term, we believe the initial results point to a more balanced, and potentially upside-skewed, margin outcome than previously feared. While the story, particularly on margins, will continue to evolve against a fluid macro backdrop (e.g., fuel price volatility), we believe that with 1Q delivery in hand, the setup now reflects stronger growth visibility and improved confidence in execution across both growth and profitability."

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Shares of Sea Ltd. closed at $96.02 yesterday.