As previously reported, CIBC downgraded Mullen Group (MLLGF) to Neutral from Outperformer with a price target of C$15, down from C$16.50. The firm, which lowered earnings expectations to reflect the challenging macro environment across Mullen’s segments, notes that its 2025 and 2026 EBITDA estimates have been lowered by 6% and 3%, respectively.
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