Bilibili Downgraded to Hold by J.P. Morgan with HK$185 Price Target

J.P. Morgan downgraded Bilibili, Inc. Class Z to a Hold with a price target of HK$185.00. The company has a Moderate Buy analyst consensus rating with a HK$201.50 average price target. Bilibili, Inc. Class Z has a one-year high of HK$238.80 and a one-year low of HK$98.90. The average volume of the company is 5.21M.

J.P. Morgan has revised its outlook on Bilibili (BILI, Financial), moving the rating from Overweight to Neutral. The investment firm, however, increased its price target from $21 to $24. Despite the stock's impressive performance this year, JPMorgan suggests the risk/reward balance is now less appealing [1].

While the firm holds a positive view on Bilibili’s advertising revenue prospects, it points to a challenging comparison for Sanmou in the latter part of 2025. Additionally, JPMorgan notes the absence of significant game releases in the second half of 2025 as a limiting factor for potential stock catalysts [1].

Based on the one-year price targets offered by 27 analysts, the average target price for Bilibili Inc (BILI, Financial) is $25.68 with a high estimate of $37.13 and a low estimate of $19.02. The average target implies an upside of 9.89% from the current price of $23.37 [1].

In the third quarter, Bilibili continued to improve commercialization efficiency, with significant year-on-year growth in revenue from mobile games and advertising business, leading to adjusted net income turning positive for the first time [2].

Key financial data from the third quarter report:
- Net revenue: 7.306 billion yuan (1.041 billion USD), an increase of 26% year-on-year;
- Gross profit: 2.547 billion yuan (0.363 billion USD), an increase of 76% year-on-year;
- Gross margin: 34.9%, higher than 25.0% in the same period last year;
- Net loss: 0.08 billion yuan (0.011 billion USD), a year-on-year narrowing of 94%;
- Adjusted net income: 0.236 billion yuan, a year-on-year increase of 137.35%;
- Daily active users: 0.1073 billion, up from 0.1028 billion during the same period last year [2].

Bilibili announced a share buyback plan, under which the company may repurchase no more than 0.2 billion USD of publicly traded securities over the next 24 months [2].

Several large investors have also recently bought and sold shares of the company. Trexquant Investment LP lifted its position in Bilibili by 9.3% in the 4th quarter. Trexquant Investment LP now owns 754,875 shares of the company's stock valued at $13,671,000 after acquiring an additional 63,960 shares in the last quarter [3].

Wall Street analysts have varied opinions on Bilibili. Hsbc Global Res raised shares of Bilibili to a "strong-buy" rating, while Sanford C. Bernstein issued an "outperform" rating and a $28.00 price objective. Bank of America increased their price target on Bilibili from $25.00 to $27.00 and gave the company a "buy" rating. Wall Street Zen downgraded shares of Bilibili from a "buy" rating to a "hold" rating [3].

Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.79 [3].

References:
[1] https://www.gurufocus.com/news/3007380/bilibili-bili-downgraded-by-jpmorgan-amid-stock-rally
[2] https://www.moomoo.com/news/post/58337985/record-tr4cking-news-what-to-expect-in-the-week-ahead-earnings-from-mag
[3] https://www.marketbeat.com/instant-alerts/filing-jennison-associates-llc-lowers-stock-holdings-in-bilibili-inc-sponsored-adr-nasdaqbili-2025-07-20/