Morgan Stanley has upgraded Sea Ltd. (NYSE: SE) to Overweight from Equal-Weight, while also raising the price target to $70 from the previous $65. The revised outlook is attributed to a more favorable risk-reward balance, driven by positive developments in the company’s e-commerce arm, Shopee. Morgan Stanley has expressed a higher level of confidence in its earnings forecasts for Sea Ltd, which are above consensus for the years 2024 and 2025.