11:36 AM EST, 11/12/2025 (MT Newswires) -- Sea (SE) reported strong Q3 revenue growth and adjusted EBITDA ahead of expectations but enthusiasm is tempered over plan for more investments, Wedbush said in a report Tuesday.

The report pointed to investor concern over its plan to invest more deeply in logistics and fulfillment to drive sustained growth and leadership in their key competitive markets.

Following the inflection to profitability in its eCommerce segment last year, the focus has shifted to driving incremental share gains while maintaining a healthy margin profile, the note said.

In Q3, Shopee posted record-high quarterly gross merchandise volume, gross order volume, and revenue, the note said, adding that it has consistently improved upon its logistics capabilities to maintain its market leadership.

"We remain encouraged by management's commentary on longer-term margin trajectory and the company's ability to navigate competitive threats," the report said.

Wedbush cut its price target to $190 from $200 while reiterating its outperform rating on the stock.

Price: 145.91, Change: +3.60, Percent Change: +2.53