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Fly News Breaks for March 3, 2020
Mar 3, 2020 | 15:19 EDT
CLSA analyst Marcus Liu maintained an Outperform rating on Sea Limited and raised his price target on the shares to $54.50 from $44.60 following the company's Q4 earnings report. Liu said he is increasing his revenue assumptions for Garena and Shopee for 2020 and 2021, though he made smaller changes to EBITDA estimates, given narrowing margins and wider losses in the quarter. The analyst also said he increased the multiple from 0.3x to 0.4x P/GMV for Shopee, reducing the discount to global peers, and that he continues to value Garena at a discount to regional gaming peers, given the concentration risk in Free Fire.
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