JPMorgan downgraded Bilibili (BILI) to Neutral from Overweight with a price target of $24, up from $21. The firm sees a less attractive risk/reward following the stock’s rally year-to-date. The analyst remains positive on Bilibili’s advertising revenue but believes Sanmou is facing a high comparison base in the second half of 2025. JPMorgan sees limited catalysts for the shares from major new game launches the second half of 2025.
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