---
title: "Sea Limited: Strong Revenue Momentum Offset by Weaker 2026 Profit Outlook, Supporting Hold Rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278176497.md"
description: "Analyst John Blackledge of TD Cowen has maintained a Hold rating on Sea Limited with a price target of $100.00, citing strong revenue growth but a weaker profit outlook for 2026. Despite exceeding revenue expectations, management's guidance indicates margin pressure due to increased investments. Additionally, Garena's bookings fell short, contributing to a cautious stance. Barclays also supports a Hold rating with a $120.00 price target."
datetime: "2026-03-06T22:25:37.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278176497.md)
  - [en](https://longbridge.com/en/news/278176497.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278176497.md)
---

# Sea Limited: Strong Revenue Momentum Offset by Weaker 2026 Profit Outlook, Supporting Hold Rating

Analyst John Blackledge of TD Cowen maintained a Hold rating on Sea, with a price target of $100.00.

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John Blackledge has given his Hold rating due to a combination of factors tied to Sea’s latest quarter and forward outlook. Sea delivered strong top-line performance, with total revenue and core commerce sales surpassing expectations and showing robust year-over-year growth, and adjusted EBITDA exceeded his own model even though it slightly lagged Street forecasts.

However, management’s 2026 guidance tempers the bullish case, as Shopee’s projected GMV expansion is solid but the EBITDA outlook is notably weaker than consensus, pointing to margin pressure from heavier investments in fulfillment and loyalty programs. In addition, Garena’s bookings came in below his estimates, signaling some softness in the gaming segment, which, combined with rising investment needs, leads him to a more balanced risk‑reward view that supports a Hold rather than a more aggressive rating.

In another report released today, Barclays also maintained a Hold rating on the stock with a $120.00 price target.

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