Why Sea Limited Stock Flopped on Friday
Tech stocks are hardly the flavor of the moment among investors. Additionally, many equity analysts are getting more bearish on the sector. On Friday, the latter was a big factor pushing down the share price of Asian mobile games and fintech specialist Sea Limited (NYSE: SE). The company's stock fell by almost 8% after one prognosticator made a drastic price target cut.
Macquarie analyst Zhiwei Foo is the culprit. That morning, he took a big pair of scissors to his target, slicing it deeply from $285 per share to $110. Despite this dramatic move, Foo is maintaining an outperform (buy) recommendation on the stock.
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Source Fool.com
