Bilibili price target raised to $18 from $17 at BofA

BofA raised the firm’s price target on Bilibili to $18 from $17 and keeps a Buy rating on the shares. The firm notes Bilibili reported a largely in-line Q1 results amid better ad revenue growth and positive GPM trend. BofA sees on-track business growth trend in Q2 and 2024, supported by ad business momentum continuing on 618 promotion and more new game launches in summer holidays; game business to turn around, with new game launches from Q2; and loss control and breakeven will be on track as expected amid better ad and game business.