JPMorgan analyst Ranjan Sharma upgraded Sea Limited to Overweight from Neutral with a price target of $70, up from $43. In the current competitive environment, Sea is likely to continue increasing commissions while reducing the intensity of sales and marketing spend, the analyst tells investors in a research note. The firm says volatility in the company’s earnings outlook is likely to result in volatility in share price. It recommends investors to trade these changes in earnings outlook as it believes earnings expectations are likely to see positive revisions in the near-term, driven by e-commerce.
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