TSX:MTL - Post Discussion
Post by
loonietunes on Sep 01, 2020 8:22am
In the news-Stockwatch today
Back to a strong buy.
Globe says Foscolos keeps Mullen Group at "strong buy"
2020-09-01 08:15 ET - In the News
The Globe and Mail reports in its Tuesday edition that Industrial Alliance Securities analyst Elias Foscolos has reiterated his "strong buy" call on Mullen Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Foscolos trimmed his share target by 25 cents to $12.50. Analysts on average target the shares at $10.54. Mr. Foscolos says in a note: "MTL has continued to repurchase its shares at an aggressive rate and is on pace to max out its NCIB soon. MTL has strengthened its balance sheet, which combined with a restored but reduced dividend should position it to pursue M&A as the market finds its footing and we begin to see price expectations between buyers and sellers converge. We now forecast that MTL will essentially meet its pre-pandemic guidance for 2020 on lower share count, and thus give the company a pre-pandemic target price." The Globe reported on March 24 that Mr. Foscolos lowered Mullen to "hold" from "buy." The shares could then be had for $4.14. The Globe reported on June 16 Mr. Foscolos boosted Mullen back to "buy." The shares could then be had for $7.02. The Globe reported on July 27 that Mr. Foscolos had hiked Mullen to "strong buy." The shares were then worth $9.
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