HSBC downgrades TuSimple to Reduce on delayed turnaround

HSBC earlier today downgraded TuSimple to Reduce from Hold with a price target of 70c, down from $1.50, following the Q3 report. Weakness in the company’s freight revenue operations in due to the pause in its freight revenue operations in the U.S., the analyst tells investors in a research note. The analyst believes it will take longer for the company to anchor its commercialization path and achieve a turnaround.