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Fly News Breaks for November 12, 2019
Nov 12, 2019 | 11:56 EDT
Piper Jaffray analyst Michael Olson said Sea Limited reported "strong" Q3 results, including revenue and adjusted EBITDA that beat expectations, driven by a combination of ongoing strength from Digital Entertainment and Shopee e-commerce. The analyst sees a rise in connectivity growth, along with a "secular rising tide" in the company's core verticals of online gaming, e-commerce and digital payments, driving strong near-term growth and long-term profitability. Olson raised his price target on Sea Ltd. shares to $54 from $49 and keeps an Overweight rating on the stock.