Sea Limited upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Sea Limited to Overweight from Equal Weight with a price target of $70, up from $65.

The firm says its upgrade reflects higher conviction in its 2024 base case given year-to-date momentum and "relatively rational competition" in e-commerce. Given Shopee's market share trend, GMV growth, improving unit economics, competitor moves on commissions, and the management outlook, the firm argues that the risk-reward balance is now more favorable.