Sea Limited upgraded to Conviction Buy from Buy at Goldman Sachs

Goldman Sachs analyst Pang Vittayaamnuaykoon added Sea Limited to the firm’s Conviction List and reiterates a Buy rating on the shares with a price target of $132, up from $125. The analyst believes Sea will outperform on profitability this year and then demonstrate a return to growth. The firm expects expect Shopee to breakeven by Q2. The Street has already priced in continual EBITDA decline, which provides downside support the shares, Goldman tells investors in a research note.