Bilibili price target lowered to $28 from $29 at Jefferies

Jefferies lowered the firm’s price target on Bilibili (BILI) to $28 from $29 and keeps a Buy rating on the shares. The company’s Q2 revenue was in line with expectations, and adjusted operating profit beat expectations on lower than expected S&M expenses, the analyst tells investors in a research note. The firm expects fast ad momentum to continue in the second half while factoring in the base effect of San Mou last year, adding that the long-term margin outlook is intact.