Bilibili initiated with an Outperform at Bernstein

Bernstein initiated coverage of Bilibili (BILI) with an Outperform rating and $28 price target The company offers a compelling way to play the secular themes of the online video market, the analyst tells investors in a research note. The firm says Bilibili is a category leader in the professional user generated content market that is in its earlier growth stages. Bernstein believes online video platforms should benefit from strong secular trends of continued usage growth, increasing ad penetration and a more stable co-existence of platform.