Shares of Bilibili Inc . (NASDAQ:BILI) jumped more than 12% at the open on Thursday following news of the successful debut of its new game.
According to analysts at UBS, the company's new game, San Guo: Mou Ding Tian Xia, reached number four on its iOS debut, beating expectations.
Analysts at the investment bank said that, in their view, the "strong debut performance is better than market expectations." They added: "Although sustainability from here is key, we think this strong initial performance should drive positive market reactions."
The bank maintained a Buy rating and $18 per share price target on the stock. UBS upgraded the stock from Neutral to Buy at the end of May.
JPMorgan lifted its price target for the stock to $18 from $17 per share in May, reiterating a Buy rating based on positive advertising trends and near-term new game launches.