Mullen Group Price Target Raised to $18.50 at TD2023-07-21 07:36:14 AM ET (MT Newswires)
07:36 AM EDT, 07/21/2023 (MT Newswires) -- TD Securities raised its price target on Mullen Group Ltd. (MTL.TO) to $18.50 from $17.
Analyst Tim James maintained a Hold rating on shares of the North American logistics provider following its Q2 results.
"We believe that Mullen's Q2/23 results and our expectations for 2023 will compare very favourably with other North American trucking peers," James said in a note to clients.
"Current sector valuations suggest some upside to our current Mullen target multiples," the analyst said. "However, we question how sustainable sector multiples are, given historical precedents, and therefore we believe it is prudent to wait and see if the historically high sector valuations are sustainable before considering raising our Mullen target multiples."