Shares of Bilibili (BILI, Financial) rose by 4.56% in pre-market trading, reaching $23.17. The increase comes as analysts at Lyon released a report predicting strong third-quarter results for the company, driven by a turnaround in its gaming business and robust advertising growth. The report estimates a 27% year-over-year increase in quarterly revenue to 7.4 billion yuan, and an adjusted EBITDA turning positive to 181 million yuan.
The analysts have also raised their adjusted net profit forecasts for Bilibili by 8% to 10% for the next few years. Additionally, the target price for Bilibili's American Depositary Receipts (ADRs) has been increased from $16.8 to $25, while maintaining an "outperform" rating.
