Full Truck Alliance initiated with a Buy at HSBC

HSBC initiated coverage of Full Truck Alliance (YMM) with a Buy rating and $18 price target The firm calls Full Truck China’s “Uber for trucks” and says its helps shippers secure cheaper prices and truckers win more orders. The company benefits from high entry barriers and a strong network that boosts its revenue and margins, the analyst tells investors in a research note. HSBC sees upside to consensus earnings estimates for the company.