.August 14, 2024 12:58 PM

JPMorgan analysts upgraded Sea Ltd. (NYSE:SE) to Overweight from Neutral, with a new price target of $90, up from $66. This follows the company’s Q2 results, with potential for positive earnings revisions across all major business segments. The upgrade is driven by expectations of improved e-commerce profitability due to Sea’s market position, spending efficiency, and growth rates. Fiscal 2025 Shopee adjusted EBITDA forecast was raised by 50%, leading to a 15% boost in the 2025 Group adjusted EBITDA forecast, now 35% higher than consensus. The upgrade reflects confidence in sustained market performance, with shares up 85% year-to-date.