Bilibili price target raised to $24 from $16 at Benchmark

Benchmark raised the firm’s price target on Bilibili (BILI) to $24 from $16 and keeps a Buy rating on the shares after the company reported “strong” Q3 results, with both revenue and profit surpassing consensus expectations. The firm, which has raised its FY24 and FY25 estimates, views games and advertising as the primary growth drivers for FY25 and argues that the high-margin nature of both revenue streams should further enhance profitability in FY25.