Mullen Group downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst John Gibson downgraded Mullen Group to Market Perform from Outperform with a price target of C$15, down from C$17, post its 2023 business plan and outlook. The analyst acknowledges that Mullen Group remains a quality name to hold over the longer term, especially given its current 5% yield and counter-cyclical M&A strategy. However, he believes the outlook for 2023 presents some uncertainty relative to a record in 2022, causing him to shift to a more neutral tone on the shares near-term.