Bilibili price target lowered to $17 from $20 at HSBC

HSBC analyst Charlene Liu lowered the firm’s price target on Bilibili to $17 from $20 and keeps a Hold rating on the shares post the Q3 results. The analyst says margin improvement and better cash flow management are positive developments for Bilibili. However, ad revenue will stay weak in the next few quarters given the macro outlook and softer demand for brand ads, Liu tells investors in a research note.