Bilibili downgraded to Neutral at Nomura on ‘lackluster monetization’

Nomura analyst Jialong Shi downgraded Bilibili to Neutral from Buy with a lowered $13 price target after the company reported largely in-line Q3 revenue and gave Q4 guidance that calls for revenue to be up 3% year-over-year, which is 3% below the Street consensus due to lower online gaming revenue. While the firm continues to like Bilibili’s ecosystem, it tells investors that the company’s monetization track record “pales” in comparison to its ecosystem growth.