Damo: Lowering the target price of BILI.US to $27 and reaffirms the “increase” rating

Zhitongcaijing · 2d ago

The Zhitong Finance App learned that Morgan Stanley released a research report stating that maintaining Bili.US (09626)'s “bullish” rating, the target price of US stocks was lowered from 31 US dollars to 27 US dollars, and its earnings estimates per share for 2026 to 28 were lowered by 3%, 9%, and 4%.

Damo pointed out that Bilibili's game business is about to enter a harvest period, and various new games will be launched in the next 15 months; on the other hand, although affected by macroeconomic headwinds, the advertising business can still maintain industry-leading growth. According to management guidelines, online advertising revenue in the third quarter increased by about 20% year-on-year, and the annual growth rate is expected to be similar year-on-year, which means that the growth rate in the fourth quarter will slow to a high double-digit level. Game revenue is expected to remain flat in the third quarter and correct year over year in the fourth quarter.