CIBC Capital Markets raised its price target of Mullen Group (MTL.TO) to CA$29 from CA$28 and lowered its target on TFI International (TFII.TO, TFII) to $158 from $175.

Freight transportation stocks declined an overage of 22% from mid-July "reflecting concerns that trucking equities were pricing in peak multiples on peak earnings," analyst Kevin Chiang said in a note. "We believe the freight cycle is positioned for an elongated peak earnings cycle given the factors driving capacity to leave to trucking sector."

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