Sea Limited price target lowered to $49 from $50 at Citi

Citi analyst Alicia Yap lowered the firm’s price target on Sea Limited to $49 from $50 and keeps a Neutral rating on the shares ahead of the Q3 report. Amid stepped-up investment to fight back market share, the determined spend in shipping subsidies and Shopee Live content promotion cost will likely translate to sequential reacceleration of order volume growth given new user growth and higher transaction frequency, the analyst tells investors in a research note.