Bilibili upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Bilibili to Neutral from Underweight with a price target of $11, up from $10. The analyst says the stock’s risk/reward is more balanced at current levels. Management’s double-digit revenue growth target for 2024 is in line with consensus and Bilibili is entering a new game launch cycle from Q2 with major games Three Kingdom and Heaven Burns Red, which should drive game revenue reacceleration, the analyst tells investors in a research note. The firm thinks share price downside is limited in the next six months.