Bilibili price target lowered to $22 from $23 at UBS

UBS analyst Felix Liu lowered the firm’s price target on Bilibili to $22 from $23 and keeps a Buy rating on the shares. The firm views Bilibili’s Q2 results as a neutral to slight positive event, with Ad the bright spot int he quarter, driven by a mix of structural growth in Bilibili’s e-commerce ad revenue and cyclical strength in game ad, and the firm likes the outlook of Bilibili’s e- commerce ad as it is uniquely positioned as a neutral online video traffic pool for traditional e-commerce platforms, the analyst tells investors in a research note.