Mullen Group Declines 3.5%, BMO Downgrade to Market Perform 2023-01-17 11:28:20 AM ET (MT Newswires)
11:28 AM EST, 01/17/2023 (MT Newswires) -- Mullen Group Ltd. (MTL.TO) declined 3.5% on Tuesday, after the Alberta-based logistics company announced its 2023 business plan and budget.
BMO Capital Markets analyst John Gibson downgraded the stock to Market Perform from Outperform, and reduced his price target to $15 from $17.
"MTL remains a quality name to hold over the longer term, especially given its current ~5% yield and counter-cyclical M&A strategy," Gibson said in a note to clients.
"That said, the outlook for 2023 presents some uncertainty relative to an (expected) record in 2022, causing us to shift to a more neutral tone on the shares near term."
MTL shares declined $0.50, or 3.5%, to $13.75 in morning trading on the Toronto Stock Exchange.