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.