Mizuho raised the firm’s price target on Bilibili (BILI) to $21 from $17 and keeps an Outperform rating on the shares. While stimulus policies are driving enthusiasm in China, Asia internet fundamentals remain soft and uncertain, and Mizuho is waiting to see improvements on structural issues such as unemployment and real estate, the analyst tells investors in a research note. The firm says the potential for higher tariffs “casts a shadow of uncertainty.” Despite a mixed outlook, it remains positive on outbound travel demand in China and maintain Trip.com (TCOM) as a top pick. Mizuho also sees improving penetration of online services and incremental demand from Chinese travelers continuing to fuel growth in ride-sharing and food delivery. With that in mind, it maintains Grab Holdings (GRAB) as a top pick.

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