Tech stocks are hardly the flavor of the moment among investors. Additionally, many equity analysts are getting more bearish on the sector. On Friday, the latter was a big factor pushing down the share price of Asian mobile games and fintech specialist Sea Limited (NYSE: SE) . The company's stock fell by almost 8% after one prognosticator made a drastic price target cut.
Macquarie analyst Zhiwei Foo is the culprit. That morning, he took a big pair of scissors to his target, slicing it deeply from $285 per share to $110. Despite this dramatic move, Foo is maintaining an outperform (buy) recommendation on the stock.
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Why Sea Limited Stock Flopped on Friday