---
title: "Citi raised the target price for Bilibili to $27, rating it as \"Neutral\" due to high valuation"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/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)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/265836563.md) | [English](https://longbridge.com/en/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

### 相關股票

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

## 相關資訊與研究

- [East Side Games Group Shifts From Aggressive Growth to Profitability After Challenging 2025](https://longbridge.com/zh-HK/news/281274674.md)
- [Rule Breaker Investing: 2026 March Market Cap Game Semifinals](https://longbridge.com/zh-HK/news/281194661.md)
- [Assessing Sanoma Oyj (HLSE:SANOMA) Valuation As Shares Show Mixed Recent Returns](https://longbridge.com/zh-HK/news/280884978.md)
- [LinearGame Showcases Yoroll Platform for AI-Driven Interactive Video Games at GDC and GTC](https://longbridge.com/zh-HK/news/281354658.md)
- [AI anxiety is driving Gen Z to CDs, DVDs, and Nintendo DS games — I went to see what old tech costs now](https://longbridge.com/zh-HK/news/281036605.md)