Full Truck Alliance downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Full Truck Alliance (YMM) to Neutral from Overweight with a price target of $10, down from $18. The stock’s selloff coincided with the escalation of trade tensions, marked by the U.S.’s announcement of reciprocal tariffs, including increased tariffs on Chinese imports, the analyst tells investors in a research note. The firm says that while Full Truck ‘s direct exposure to export sectors is limited, as its demand is primarily driven by building materials, coal, metals and agricultural products, and the company remains “somewhat insulated from immediate shocks” in 2025, there may be secondary impacts from 2026 onwards. It cites trade tensions and market shifts for the downgrade.