Full Truck Alliance initiated with a Buy at BofA

BofA initiated coverage of Full Truck Alliance (YMM) with a Buy rating and $11.30 price target implying 33% total-return potential. The company operates as the “Uber for freight,” the analyst tells investors in a research note. The firm says Full Truck is the largest digital freight matching platform in China’s “highly fragmented” less than truckload markets. It sees the company as a consolidator in the space, benefiting from brand recognition and shipper “stickiness.”