Sea Stock Gains Another 3% After jumping 8% Yesterday on Pair of Analyst Upgrades

Tiger Newspress04-23

Sea shares gained another 3.3% in morning tradingTuesday after jumping 7.9% on Monday on pair of analyst upgrades.

Shares of Sea Ltd. jumped in Monday trading after the Singapore-based internet services company received a pair of upgrades from analysts at Bank of America and Morgan Stanley.

Sea stock gained 7.9% on the stock market to close at 59.43. Shares jumped above the stock's 21-day moving average, according to IBD MarketSurge. Sea stock has gained nearly 50% so far this year, after falling 22% in 2023.

BofA Securities upgraded Sea stock to buy from neutral. Analysts with BofA also raised their price target for Sea to 70, up from 62. The analysts said competition is stabilizing for Sea's Shopee e-commerce business which they said is positioned to defend its market share in Southeast Asia, according to Seeking Alpha.

Morgan Stanley, meanwhile, upgraded Sea to an overweight ratings, from a neutral equal weight. Analysts with the firm set a price target of 70, up from 65. Analysts with Morgan Stanley said the upgrade represents higher conviction for the company based on year-to-date momentum and "relatively rational" e-commerce competition, the note said, according to The Fly.

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