Glonghui, March 11 | J.P. Morgan Chase published a research report to upgrade Bilibili's investment rating from “outperforming the market” to “neutral”. It believes that the current level of risk and return is more balanced, and views on its short-term stock price outlook have become more positive. The target price was raised from HK$80 to HK$85. The bank pointed out that the target of double-digit revenue growth proposed by management for this year is in line with the market's expectations of 14% year-on-year growth, so it believes that there is limited room for further reduction in market expectations. However, Motong expects that to actually achieve a double-digit percentage revenue increase this year, it will require the good performance of new games and strong support for the growth of the live streaming business. Starting in the second quarter of this year, Station B will enter a new game release cycle. Key titles to be launched in the next six months include “Three Kingdoms: Designing the World” and “Scarlet Dye the Sky”, which are expected to accelerate the growth of game business revenue. Bilibili has recorded positive operating cash flow in the past quarter. The company aims to achieve operating cash flow balance under non-general accounting standards in the third quarter of this year. With the support of the above catalysts, Motong expects that Bilibili's stock price will have limited room to fall in the next three to six months.