Mullen Group downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded Mullen Group (MLLGF) to Sector Perform from Outperform with a price target of C$16, down from C$16.50. The firm believes freight markets “remain volatile” amid moving tariff deadlines. The quarter was mixed with the Canadian rails exceeding volume expectations but other modes, particularly trucking, missing, the analyst tells investors in a research note. Scotiabank’s visibility on the second half of 2025 is “blurred by the fact that some future demand was pulled forward.” It cites weak Q2 trends and second half of the year uncertainty for the downgrade.