Full Truck Alliance Co. Ltd. (YMM) PT Lowered to $13 at Jefferies

Jefferies analyst Thomas Chong lowered the price target on Full Truck Alliance Co. Ltd. (NYSE: YMM) to $13.00 (from $13.20) while maintaining a Buy rating.

The analyst comments "FTA reported 3Q results with a revenue beat on better than expected freight brokerage and non-GAAP operating profit exceeding expectations. Non-GAAP earnings came in below consensus mainly due to higher tax expense. Mid-point of 4Q revenue guidance is ahead of consensus. We factor in slower fulfilled orders growth in 4Q as CNY happens late next year and trucker sentiment is enhanced following better experience. Take rate outlook is intact. Maintain Buy."

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