New York, Jan 14, 2026, 12:07 ET — Regular session
- Full Truck Alliance shares fell about 3% in midday New York trading
- JPMorgan cut the stock to Underweight and lowered its price target
- Traders are watching for the next earnings update and any new catalysts
Full Truck Alliance Co. Ltd shares slid on Wednesday, extending recent weakness after JPMorgan cut its rating on the U.S.-listed Chinese freight platform. The stock was down about 2.8% at $9.81.
The downgrade matters now because the stock has been leaning on “what’s next” — investors want clearer signs that newer initiatives can lift growth and margins, not just hold the line. Without that, analyst calls can move the tape more than usual.
JPMorgan’s note took a blunt view on near-term triggers. It said the stock’s risk/reward “has shifted meaningfully” and flagged “limited near-term catalysts” with pressure still showing up in order growth, the analyst wrote. 1
The bank downgraded Full Truck to Underweight from Neutral — an “underweight” call means the broker expects the stock to underperform its coverage universe — and cut its price target to $8 from $11, according to the note.
JPMorgan pointed to steps Full Truck started in the second quarter of 2025 to tighten platform governance and expand internationally, saying they have not yet translated into “sustainable growth or margin improvement.” It also cited ongoing regulatory and macro challenges weighing on the core business.
The move left Full Truck underperforming broader China-linked trading on U.S. screens. China internet and large-cap China ETFs were slightly lower in midday trade.
Full Truck operates a digital freight platform in China that matches shippers with truckers and also sells transaction and value-added services tied to freight moves. 2
But the setup cuts both ways. If regulatory pressures ease and the company shows better visibility on the new initiatives — especially if order growth stabilizes — the “no catalysts” argument gets harder to defend, and short-term positioning can flip fast.
For now, the company’s own investor calendar is bare. Its IR site showed no upcoming events listed. 3
Traders will be watching for the next results date and any guidance around growth and margins, with Nasdaq’s earnings page estimating a report around March 4. 4
