Sea Stock Rebounds, Nearing Potential Buy Point
Sea's stock rebounded bullishly on Tuesday, surpassing its 21-day moving average.
On the stock market, Sea's shares surged nearly 7% to 56.37 in late morning trading, marking a nearly 40% gain for the year following a challenging 2023.
The rally may be attributed to a positive client note from JPMorgan analysts, who highlighted potential improvements in take rates for Sea's Shopee e-commerce business in Indonesia, influenced by TikTok $ByteDance(FT0001$ Shop's efforts in the country.
JPMorgan reiterated its positive overweight rating for Sea and set a $70 price target based on the potential impact of these developments.
This follows JPMorgan's earlier upgrade of Sea's stock outlook to overweight from neutral in March.
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