2023-07-21 10:04:09 AM ET (MT Newswires)
10:04 AM EDT, 07/21/2023 (MT Newswires) -- National Bank said Thursday that it expects Mullen Group Ltd. (MTL.TO) to meet or exceed its outlook for 2023, which it believes is too conservative as the company continues to outperform peers.
The company has maintained 2023 targets of $2 billion in revenue and EBITDA of $300 million.
"While Mullen is seeing some softness in freight markets, its LTL segment, which is most correlated with the consumer economy, has remained resilient compared to other North American LTL carriers. The company also saw strong results from its Logistics & Warehousing and Specialized & Industrial Services segments," the analysts said.
The analysts attributed the relative outperformance to Mullen's exposure to a more stable Western Canadian economy as well as its diversity of end-market exposures.
National Bank has maintained its outperform rating on the company with a price target of $19.