SE - Why Sea Stock Spiked Higher Today
2024-04-22 10:44:30 ET
Shares of Asian e-commerce, financial services, and gaming company Sea Limited (NYSE: SE) spiked higher on Monday morning after getting upgrades from prominent investment firms. As of 9:45 a.m. ET, Sea stock was up 11%.
Sea stock is enjoying positive commentary from multiple analysts this morning. On one hand there's Divya Gangahar of Morgan Stanley , who recommends buying, according to StreetInsider. And on the other hand there's Sachin Salgaonkar of Bank of America , who also recommends picking up shares. Both analysts gave Sea stock a price target of $70 per share, according to TipRanks.
Gangahar had an optimistic outlook for Sea's e-commerce platform, Shopee. Investors have avoided Sea stock in fear that it was losing market share to competitors such as TikTok. However, among other things, Gangahar notes that TikTok just raised its commissions in the key Indonesian market, which could benefit Shopee.
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Why Sea Stock Spiked Higher Today