Why Sea Limited Was a Wreck on Monday
Shares of Southeast Asian e-everything tech stock Sea Limited (NYSE: SE) closed down 10.3% on Monday. That's a shame because the only real news about Sea stock today was of the "good news" variety.
This morning, analysts at Australian investment bank Macquarie upgraded shares of Sea Limited to "outperform" (i.e., buy), reports TheFly.com, and more than doubled their price target on the e-commerce star. At $280 per share, Macquarie's target implies as much as 35% upside from Sea's closing price for the day.
Macquarie cited Sea's "strong financial outlook" in which the company predicted that it will more than double its e-commerce business this year compared to 2020 and grow its digital entertainment revenues by 38%. These two businesses, combined, made up more than 95% of Sea's $4.4 billion in total revenues last year, according to data from S&P Global Market Intelligence. This amount could double again in aggregate in 2021, to $9 billion.
Source Fool.com
