Sea shares gained another 2.4% in premarket trading Wednesday after jumping 12.6% in the previous two days on pair of analyst upgrades.
The Singapore-based internet services company received a pair of upgrades from analysts at Bank of America and Morgan Stanley.
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.
Comments