Fly News Breaks for August 6, 2019
Aug 6, 2019 | 08:29 EDT
CLSA analyst Marcus Liu downgraded Sea Limited to Outperform from Buy while raising his price target for the shares to $39.10 from $34.40. With the shares up 34% since the Q1 earnings report, expectations for Sea's key businesses of Shopee and Garena are now "much higher" for Q2, Liu tells investors in a research note. Further, while the success of Free Fire has been behind a majority of the stock rally, more recent data points suggest that the popularity could be peaking, contends the analyst. As a result, he turned a "bit more cautious" on Sea Limited, "given the strong gaming revenue concentration in the hit title."
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