National Bank Says MTL to Outpace Canadian Economy in 2023National Bank Expects Mullen Group to Outpace Broader Canadian Economy in 2023 2023-06-22 11:12:45 AM ET (MT Newswires)
11:12 AM EDT, 06/22/2023 (MT Newswires) -- National Bank said Wednesday that Mullen Group Ltd. (MTL.TO) has performed well as compared to peers despite the softness in the freight market.
"The freight indicators we track, along with recent updates from other North American trucking companies, point to continued softness in the broader freight market. Pricing for general and specialized trucking in Canada, Mullen's primary sectors, has also softened," the analysts said.
The analysts believe the company is expected to outpace the broader Canadian economy in 2023.
"We maintain our Outperform rating and $19.00 target on Mullen Group shares as we update our Q2 and full-year forecasts," the analysts added.
Mullen Group is a group of transportation, logistics, and specialized industrial services businesses.