BofA downgrades ‘no longer cheap’ Sea Limited to Neutral

As previously reported, BofA downgraded Sea Limited (SE) to Neutral from Buy with an unchanged price target of $160. Sea’s stock is up 270% since January of last year on back of its improving fundamentals, notes the analyst, who thinks that consensus numbers adequately factor Sea’s momentum and sees limited material upside in the near-term. While the firm remains positive on the fundamentals of the company, it may be difficult for Sea to consistently deliver “beat and raise” quarters and the valuation is “no longer cheap,” the analyst added.