Mullen Group Ltd (MTL) Rating Lowered to Sector Perform at Scotiabank
Mullen Group Ltd (TSE:MTL) was downgraded by investment analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a report released on Thursday. They presently have a C$17.50 price objective on the stock, down from their prior price objective of C$18.00. Scotiabank’s price target indicates a potential upside of 7.69% from the company’s previous close.
MTL has been the topic of several other reports. National Bank Financial upgraded shares of Mullen Group from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from C$18.00 to C$18.75 in a research report on Tuesday, July 25th. Raymond James Financial, Inc. lifted their target price on shares of Mullen Group from C$15.25 to C$15.75 and gave the company a “market perform” rating in a research report on Thursday, July 27th. Finally, CIBC decreased their target price on shares of Mullen Group from C$20.50 to C$19.00 in a research report on Thursday, July 20th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of C$18.75.
Shares of Mullen Group (TSE MTL) traded down 1.34% during trading on Thursday, reaching $16.25. 152,291 shares of the company’s stock were exchanged. Mullen Group has a 52-week low of $14.49 and a 52-week high of $20.32. The company has a 50 day moving average price of $16.33 and a 200-day moving average price of $15.79. The company has a market capitalization of $1.68 billion and a PE ratio of 33.16.
About Mullen Group
Mullen Group Ltd is a Canada-based supplier of trucking and logistics services. It operates through two operating segments: Trucking/Logistics and Oilfield Services. The Trucking/Logistics segment consists of over 10 Business Units, offering a range of truckload and less-than-truckload (LTL) general freight services to customers in Canada and the United States, such as transporting goods, including general freight; commodities, such as cable, pipe and steel; over-dimensional loads, such as heavy equipment and compressors, and dry bulk commodities, such as cement and frac sand.
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