Full Truck Alliance initiated with a Buy at Jefferies

Jefferies analyst Thomas Chong initiated coverage of Full Truck Alliance with a Buy rating and $11 price target. Full Truck Alliance is "the No.1 digital freight platform in China" with a strong technology infrastructure and he expects it to benefit from the large addressable market for road transportation and Full Truck Load in China, Chong tells investors. FTA’s technological strengths "stand out and create high entry barrier," the analyst added.