BofA analyst Sachin Salgaonkar lowered the firm’s price target on Sea Limited to $53 from $73 and keeps a Neutral rating on the shares following the Q2 revenue miss. In the medium- term, BofA expects Shopee to emerge stronger, but in the near-term, the firm sees weaker revenues, higher SG&A and other investments impacting earnings, the analyst tells investors in a research note.
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