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Mullen Group Price Target Raised at RBC, CIBC

-- Analysts at RBC Capital Markets and CIBC Capital Markets raised their price targets on Mullen Group Ltd. (MTL.TO) to $21 from $19, and to $20 from $18, respectively.

RBC analyst Walter Spracklin maintained an outperform rating on shares of the Canadian logistics company following its quarterly results on Thursday.

The stock rose $1.24, or 6.8%, to $19.44 on the Toronto Stock Exchange.

"MTL delivered an in-line Q1, with record revenue against a limited-growth macro backdrop," Spracklin said in a note to clients.

"While the near-term environment remains cautious, we view the improving freight outlook positively, with March trends pointing to a potential strengthening freight environment," the analyst said.

CIBC analyst Helena Fu maintained a Neutral rating on the stock.

"While the freight environment has remained pressured, we view MTL's continued focus on disciplined capital allocation and selective M&A as strategically constructive," Fu said in a note to clients.

"MTL has had to navigate a multi-year freight recession and lack of activity in Canada's resource sector," the analyst said. "Q1/26 results and management's commentary on its earnings call signal that positive trends are emerging."

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