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Sea Ltd’s (NYSE:SE) stock has lost around 45% from its peak, with the prospects of a near-term gaming slowdown and concerns around growing ecommerce losses due to expansion in Europe and India largely priced into the stock, according to BofA Securities.
The Sea Analyst: Sachin Salgaonkar upgraded the rating for Sea from Neutral to Buy, while reducing the price target from $385 to $287.
The Sea Thesis: In December, Sea’s ecommerce division, Shopee, signed an agreement with the Brazilian regulator Procon-SP, eliminating regulatory overhang, Salgaonkar said in the upgrade note.
“We find Shopee well positioned competitively to maintain its strong-hold in ASEAN markets and consider most ASEAN markets largely to be a 2 player market between Shopee and Lazada. We see room for Shopee to increase its market share to 50%+ in the medium term,” the analyst wrote.
The MSCI rebalancing around February 28 could lead to around $2.4 billion in passive inflows. “2022 guidance especially for gaming business will be critical to understand if gaming slowdown is largely behind,” Salgaonkar added.
SE Price Action: Shares of Sea had risen by 4.15% to $233.00 in premarket trading on Monday.
Related Link: 8 Video Game Stocks To Watch In 2022: Sony, Microsoft, Nintendo And More
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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