JPMorgan upgraded Bilibili to Overweight from Neutral with a $21 price target. The firm, which expects Bilibili’s revenue growth to accelerate to 20% in 2024 from 3% in 2023, sees “significant upside” to Bloomberg consensus earnings forecasts, the analyst tells investors. The recent new “Three Kingdoms” theme strategy mobile game “has become a blockbuster” and the firm is confident on its longevity considering the track record of peer games, the analyst added.
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