BofA analyst Sachin Salgaonkar upgraded Sea Limited to Buy from Neutral with a price target of $70, up from $62. The latest data points from Sea’s Asian markets indicate that the company’s online platform, Shopee, and other platforms have gradually raised take-rates by an average of 3%-7% to 5%-10%, notes the analyst, who sees e-commerce losses having bottomed and room for take-rate and gaming to “surprise.”
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