Sea Limited price target raised to $200 from $180 at BofA

BofA raised the firm’s price target on Sea Limited (SE) to $200 from $180 and keeps a Neutral rating on the shares. The firm’s latest retail channel checks indicate that competitive intensity in SE Asia remains stable, with Shopee and TikTok Shops continuing to gain market share at the expense of smaller platforms. In BofA’s view, this is likely because of better assortment, great user engagement and a scaled live streaming offering. Despite MercadoLibre’s (MELI) aggression by mid-May to target the lower ASP space and gain share, Shopee management has not responded, and it remains “business as usual” for Shopee, the firm adds. Lastly, while Coupang (CPNG) has been gaining scale in Taiwan, as it follows a 1P model, BofA notes that impact on Shopee is not much.