TSX:MTL - Post Discussion
Post by
davgro on Jul 21, 2023 5:08pm
MTL Kept at Market Perform by BMO; Target Raised to C$16.00
Mullen Group Kept at Market Perform by BMO Following Q2 Results; Price Target Raised to C$16.00 2023-07-21 11:08:12 AM ET (MT Newswires)
11:08 AM EDT, 07/21/2023 (MT Newswires) -- BMO Capital Markets on Friday reiterated its market-perform rating on the shares of Mullen Group (MTL.TO) while raising its price target to C$16.00 from C$15.50 after the trucking and logistics company reported second-quarter results the investment bank considered to be strong.
"MTL's quarterly results were strong despite industry headwinds, driven by sequential margin improvements in each of its core operating segments. Management reiterated its 2023 guidance, although we continue to sit above the $300 million EBITDA level for the year. The company holds underappreciated torque in its earnings when conditions (particularly pricing) improve, although we believe we are still a few quarters out from this. As such, we are reiterating our Market Perform rating, but raising our target price to $16 ($15.50 prior), which reflects ~6.5x 2023 EV/EBITDA," analyst John Gibson wrote.
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