---
title: "Citi raised the target price for Bilibili to $27, rating it as \"Neutral\" due to high valuation"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265836563.md"
description: "Citigroup's research report indicates that Bilibili's advertising revenue and adjusted operating profit for the third quarter both exceeded expectations. Looking ahead to the fourth quarter, game revenue is expected to see a slight recovery, but most of it will be offset by the weak performance of old games; advertising momentum is expected to maintain growth. Management guided that the adjusted operating profit margin for the fourth quarter will increase to 10%. Citigroup raised its earnings estimates for Bilibili for 2025 to 2027 and adjusted the target price for U.S. stocks from $25 to $27, maintaining a \"Neutral\" rating due to high valuation"
datetime: "2025-11-14T02:55:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265836563.md)
  - [en](https://longbridge.com/en/news/265836563.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265836563.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265836563.md) | [繁體中文](https://longbridge.com/zh-HK/news/265836563.md)


# Citi raised the target price for Bilibili to $27, rating it as "Neutral" due to high valuation

Citigroup's research report indicates that Bilibili-W (09626.HK) exceeded expectations for advertising revenue and adjusted operating profit in the third quarter. Looking ahead to the fourth quarter, the bank expects a slight seasonal recovery in game revenue, primarily driven by "Escape from Duckkov," but this will likely be offset by the weak performance of older games, potentially falling below some investors' expectations; meanwhile, advertising momentum is expected to maintain growth due to solid performance during the "Double 11" period, continuous growth in advertising inventory, and improved efficiency. Management guided that the adjusted operating profit margin for the fourth quarter will increase to 10%, reflecting a slight improvement quarter-on-quarter.

The bank has raised its earnings forecasts for Bilibili for the years 2025 to 2027 by 7%, 9%, and 9%, respectively, to reflect better-than-expected profit margin trends. The target price for US stocks (BILI.US) has been raised from $25 to $27, maintaining a "Neutral" rating due to high valuations

### 相关股票

- [Bilibili (BILI.US)](https://longbridge.com/zh-CN/quote/BILI.US.md)
- [BILIBILI-W (09626.HK)](https://longbridge.com/zh-CN/quote/09626.HK.md)

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