JPMorgan downgrades Full Truck Alliance to Underweight on headwinds

JPMorgan analyst Karen Li downgraded Full Truck Alliance (YMM) to Underweight from Neutral with a price target of $8, down from $11. The firm says the stock’s risk/reward profile “has shifted meaningfully.” Full Truck’s initiatives to strengthen platform governance and expand internationally, which began in Q2 of 2025, have not yet translated into sustainable growth or margin improvement, the analyst tells investors in a research note. Meanwhile, the company’s regulatory and macro challenges continue to weigh on its core operations, adds JPMorgan. The firm sees limited near-term catalysts for Full Truck given the lack of visibility on its new initiatives and ongoing pressure on order growth.