Raymond James Comments and Upgrade Oct 13th * Raymond James analyst Andrew Bradford raised his target for shares of Mullen Group Ltd. (MTL-T -1.56%decrease
) to $11.25 from $9.75, maintaining an “outperform” rating. The average on the Street is $10.59
“The impact of the COIVD shutdowns and the slowdown in the Canadian oilpatch has had a far less severe impact on Mullen than many might have feared, primarily owing to the perseverance of Western Canadian consumers,” he said. "Our updated RJL Prairie Province Activity Index - which is designed to track economic activity across Mullen’s key operating regions - has improved materially over 2Q20 levels.
“We are increasing our estimates for the remainder of 2020 and 2021.”