MTL Market-Perform Rating Reiterated at BMO; Target C$15.502023-06-07 11:29:03 AM ET (MT Newswires)
11:29 AM EDT, 06/07/2023 (MT Newswires) -- BMO Capital Markets on Wednesday reiterated its market-perform rating on the shares of Mullen Group (MTL.TO) and its C$15.50 price target after hosting meetings with the management of the trucking and logistics company with investors.
"We recently hosted Murray Mullen, Mullen Group's Chair, Senior Executive Officer and President for Institutional Investor meetings in Montreal. In our view, Mullen's asset base is valuable and difficult to replicate given its geographic and business unit diversification. We also expect its counter-cyclical M&A approach should once again prove positive as market conditions improve. Our Market Perform rating reflects freight headwinds, although Mullen continues to represent a solid investment opportunity over the long term given its strong balance sheet and dividend yield. We reiterate our $15.50 target price," analyst John Gibson wrote.