Mullen Group upgraded to Outperform at Raymond James with ‘tides turning’

As previously reported, Raymond James analyst Michael Barth upgraded Mullen Group (MLLGF) to Outperform from Market Perform with a price target of C$16.75, down from C$17. Despite a headline EBITDA miss, the firm sees continued improvement in organic revenue growth trends this quarter, which gives it confidence that organic EBITDA growth “could turn a corner later this year,” the analyst tells investors in a post-earnings note. With the stock underperforming the TSX by 15% year-to-date and 26% over the last year, the firm thinks the risk/reward has improved, the analyst added.