Tiger Brokers

CIBC Raises Price Target on Mullen Group, Lowers Target on TFI International

MT Newswires Live
Oct 05

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."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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