Bilibili price target lowered to $22 from $24 at Citi

Citi analyst Brian Gong lowered the firm’s price target on Bilibili to $22 from $24 and keeps a Buy rating on the shares. The company lowered 2023 revenue guidance to reflect the delayed launch of Pretty Derby and scale back of the “low-margin” non-core business, the analyst tells investors in a research note. However, the firm sees the performance of Pretty Derby as “one key swing factor to revenues and margins ahead.”