Citi opens ‘positive catalyst watch’ on Full Truck Alliance

Citi opens a “90-day positive catalyst watch” on shares of Full Truck Alliance while keeping a Buy rating on the shears with a $12 price target. The firm has “decent” shipper monthly active user growth momentum in July and August. It expects Full Truck’s Q4 order volume growth year-over-year to likely be on track at over 20% despite macro softness and one-day of typhoon impact in the Yangtze River Delta. The company’s sales and earnings are “likely in good shape,” driven by strong commission revenue growth, which enjoys strong operating leverage, the analyst tells investors in a research note.