Sea Limited price target lowered to $65 from $95 at Benchmark

Benchmark analyst Fawne Jiang lowered the firm’s price target on Sea Limited to $65 from $95 and keeps a Buy rating on the shares following “mixed” Q3 results. Group profitability was reset notably lower quarter-over-quarter and e-commerce swung back to a loss as the company decisively pivoted towards growth, says the analyst, who thinks management’s guidance on an incremental investment uptick in Shopee in Q4 against stronger seasonality “may have further spooked the market.” However, the firm feels the market may have overlooked the improving set-up ahead and is “not ready to throw in the towel yet,” the analyst tells investors.