Sea Limited price target lowered to $53 from $73 at BofA

BofA lowered the firm’s price target on Sea Limited to $53 from $73 and keeps a Neutral rating on the shares after its Q2 results. The company is looking to reaccelerate growth investments with key metrics now shifting towards Gross merchandise value growth and defending market share, the analyst tells investors in a research note. Shopee should emerge stronger, but in the near-term, BofA sees weaker revenues, higher SG&A, and other investments impacting Sea Limited earnings.