Sea Limited, a mobile and e-commerce company, saw its stock rise by over 3% on Thursday, reaching more than double the percentage gain of the S&P 500 index. This increase was due to an analyst’s price target bump, with Loop Capital’s Rob Sanderson increasing his estimate of Sea’s stock value from $62 to $88 per share. Sanderson’s reasoning for this dramatic move was not immediately apparent, but several of his peers have also recently boosted their predictions for the company.
Sea’s fourth-quarter and full-year 2022 results impressed investors, with a surprise profit of $0.72 per share and revenue of $3.45 billion, beating consensus figures. Singapore brokerage UOB Kay Hian also recently upgraded their recommendation for Sea from hold to buy, predicting continued improvement in the company’s bottom line due to strong cost efficiency, higher transaction fees in e-commerce, value-added logistics services, and digital financial services.
