2023-04-13 18:43:08 ET
Like the expanse it's named after, Sea Limited (NYSE: SE) has had swells and troughs as a stock over the years. Happily for the Asian mobile tech company's shareholders, Thursday was one of the former. Sea's stock ended up the day cresting over 3% higher, more than double the percentage gain of the S&P 500 index. An analyst's price target bump was instrumental in that pop.
The raiser was Loop Capital's Rob Sanderson, who gave a big lift to his Sea price target. He now believes the stock is fairly valued at $88 per share, which is well above his previous estimation of $62. Despite the monster raise, Sanderson isn't budging from his hold recommendation on the shares.
The analyst's reasoning behind his rather dramatic move wasn't immediately apparent. It fits a recent pattern, however, as several of Sanderson's peers have boosted their takes on the company in recent weeks.
For further details see:
Why Sea Limited Stock Cruised More Than 3% Higher Today