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Fly News Breaks for June 13, 2019
SE
Jun 13, 2019 | 06:42 EDT
JPMorgan analyst Ranjan Sharma last night initiated coverage of Sea Limited with an Overweight rating and $36 price target. The company is "unlocking new regions" to increase its addressable gaming market by 150%, driving "step-change opportunities" in gaming revenues and profitability, Sharma tells investors in a research note. Despite the stock's 170% rally year-to-date, this potential is not fully captured as Sea Limited's implied gaming multiple is still "undemanding," adds the analyst. He sees continued strong growth in gaming revenues driving the stock higher through the rest of the year.
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