HSBC analyst Yuqian Ding yesterday morning downgraded TuSimple to Hold from Buy with a price target of $2.20, down from $15.90. The company’s management reshuffle and operation disruption are largely priced into the shares, the analyst told investors in a research note. However, the firm pushed out TuSimple’s free cash flow break-even given potential longer time to commercialization. The CFIUS investigation is likely the largest overhang the company is facing, wrote HSBC, which removed China market revenue assumptions from its estimates.
Published first on TheFly
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