Citi lowered the firm’s price target on Bilibili to $16 from $18 and keeps a Neutral rating on the shares. The company’s gaming revenue recorded “decent growth” in Q2, driven by Three Kingdoms, which momentum could further accelerate in Q3 along with gradual grossing recognition, the analyst tells investors in a research note. The firm cites a lower valuation on live streaming with slower growth assumptions for the target cut but sees an improving outlook for Bilibili on revenue and earnings.
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