Piper Jaffray analyst Michael Olson said Sea Limited reported "strong" Q3 revenue that topped expectations in the company's first report since coming public. He continues to believe GDP and internet connectivity growth, along with the rising tide in the core verticals of online gaming, e-commerce and digital payments, can drive growth in the near-term and profitability in the longer-term. Olson maintains an Overweight rating and $18 price target on Sea Limited shares.

Loop Capital upgraded Sea Limited to Buy from Hold with a price target of $92, up from $59. The stock's valuation pressure the last two years is mainly because of aggressive competition and share loss to TikTok, the analyst tells investors in a research note. However, the firm says the recent announcement of a commission rate increase by the combined TikTok-Tokopedia, its first move since merging to satisfy Indonesian regulators, "has sparked a revaluation" Sea shares. Loop believes this signals that the shift to sustained profitable growth is "finally underway" and serves as a significant catalyst for revaluation of Sea Limited. With "competitive rationality" setting in, Loop moved from its "broken stock" valuation framework for Sea.

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Sea Limited is up 9.0%, or $4.97 to $60.03.