Why Is Sea (SE) Stock Soaring Today
Stock Story
Published Apr 22, 2024 11:16
Updated Apr 22, 2024 11:47
Why Is Sea (SE) Stock Soaring Today
Stock Story -
What Happened: Shares of e-commerce and gaming company Sea (NYNYSE:SE:SE) jumped 9.8% in the morning session after Bank of America (NYSE:BAC) analyst upgraded the stock's rating from Neutral to Buy and raised the price target from $62 to $70. The new price target represents a potential 20% upside from where shares traded when the upgrade was announced.
Is now the time to buy Sea? Find out by reading the original article on StockStory.
What is the market telling us: Sea's shares are not very volatile than the market average and over the last year have had only moves greater than 5%.
The previous big move we wrote about was 6 days ago, when the company gained 7.5% after J.P. Morgan analysts highlighted the opportunity for the company's e-commerce business, Shopee Indonesia, to "increase take rates" following the recent decision by competitor TikTok Indonesia to raise commissions in the region.
The analysts added, "In our view, the adjustments by TikTok leave room for Shopee Indonesia to increase take-rates after Shopee materially increased take-rates in other countries across ASEAN. The changes by platforms are indicative of a better competitive environment in ASEAN with an incrementally higher focus on ROI." J.P. Morgan has an Overweight (Buy) rating on SE with a $70 price target. The price target indicates more than 20% upside from where shares traded when the research report was released.
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Written By: Stock Story
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