Bilibili upgraded to Buy at Citi with growth seen picking up

Citi analyst Brian Gong upgraded Bilibili to Buy from Neutral with an unchanged price target of $28. The firm models Q1 revenues to be roughly flat year-over-year, but expects top-line growth to pick-up from Q2 on new game launches and re-acceleration of VAS. The firm, which also raised its margin estimates to reflect the latest guidance, views potential inclusion into Hong Kong Stock Connect and approval of key gaming titles as key catalysts.