Sea Limited price target raised to $76 from $66 at Citi

Citi raised the firm’s price target on Sea Limited to $76 from $66 and keeps a Buy rating on the shares. The analyst expects Sea to report Q1 results around mid-May and thinks seasonal promotional activities as well as solid shopping demand ahead of Chinese New Year and Ramadan contributed to a solid start to the year for Shopee. The firm we believes Shopee remains on-track to achieve high-teens year-over-year growth in gross merchandise volume and return to profitability in the second half of 2024.