Bilibili price target lowered to $21 from $35 at Benchmark

Benchmark lowered the firm’s price target on Bilibili to $21 from $35 and keeps a Buy rating on the shares following “lackluster” Q3 results. While the firm applauds the company’s efforts to cut back losses and to improve its cash flow profile, it feels that the company is “walking a tightrope with little room for error” with their eyes set on breakeven by FY24, the analyst tells investors.