With Sea ‘firing on all cylinders,’ JPMorgan upgrades to Overweight

JPMorgan upgraded Sea Limited to Overweight from Neutral with a price target of $90, up from $66. The analyst says all three of the company’s major business segments are likely to drive positive earnings revisions. The firm anticipates “material improvement” in e-commerce profitability as Sea capitalizes on its “leading” market share and stable competition to increase take rates. The company allayed concerns on competition, stating the competitive environment is stable and the industry is pursuing profitability, the analyst tells investors in a research note. JPMorgan says Sea is “firing on all cylinders.”