BMO Research Trims MTL Target to $17, Maintains OutperformBMO Research Says Mullen's Strong Quarter Overshadowed by Market Sell-Off; Trims Target to $17, Maintains Outperform
2022-10-21 01:15:51 PM ET (MT Newswires)
01:15 PM EDT, 10/21/2022 (MT Newswires) -- Mullen Group's Q3/22 results were once again strong, led by pricing increases and solid activity levels across the majority of its operating segments, notes BMO Research.
Despite the strong print, MTL stock fell ~9% on the day(Thursday) on the back of a broader Trucking/Logistics sell-off. Analyst John Gibson feels the reaction was overdone, particularly given MTL's strong outlook into Q4/22.
"Post quarter we are reducing our target price to $17 ($18 prior), which reflects ~6x 2023 EV/EBITDA and reiterating our Outperform rating."