Citi analyst Brian Gong downgraded Bilibili to Neutral from Buy with a price target of $12.50, down from $18. The analyst reduced 2024 and 2025 revenue estimates to reflect a softer outlook over the company’s gaming and other businesses following the Q4 report. The firm says “decent momentum over live streaming is unlikely to excite investors” amid Bilibili’s low valuation due to the regulatory environment, while it gaming business still lacks growth drivers.
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