Benchmark analyst Fawne Jiang maintained a Buy rating on Bilibili Inc (NASDAQ:BILI) with a price target of $15, lowered from $21. Jiang said Bilibili has executed solidly on advertising, with revenue growth accelerated to 28% Y/Y in the fourth quarter. He expects continued robust ad growth in fiscal 2024, underpinned by growing DAU/traffic, rising ad load via ad placement penetration, and ad tech-driven efficiency improvement. The analyst flagged the company’s encouraging headways in offering integrated marketing solutions in the e-commerce and gaming verticals. He said they replicate the mode…