Bilibili price target lowered to $18 from $19 at Citi

Citi analyst Brian Gong lowered the firm’s price target on Bilibili to $18 from $19 and keeps a Buy rating on the shares. Unsurprisingly, Bilibili delivered “unexciting” Q3 results and lowered full-year revenue guidance given lower than expected gaming performance due to suspension of download of Pretty Derby, while advertising momentum remained decent with improvement over ads infrastructure and deeper exploration of key verticals like e-commerce, the analyst tells investors in a research note.