Sea Limited price target raised to $88 from $62 at Loop Capital

Loop Capital analyst Rob Sanderson raised the firm’s price target on Sea Limited to $88 from $62 and keeps a Hold rating on the shares. Ecommerce profitability has arrived much more quickly than was expected, driven by a jump in take rate, the closure of several loss-making growth initiatives and strong cost controls, the analyst tells investors in a research note. The firm’s current forecast assumes that blended e-commerce take rate increases another 220bps in 2023 to 10.6% and 60bps in 2024 to 11.2%.