Inside the Market\u2019s roundup of some of today\u2019s key analyst actions<\/p>\n
Analysts are giving high praise to Mullen Group Ltd. (MTL-T<\/a>) after second quarter results came in ahead of expectations this week, with a capital budget increase that suggests continued improvement in freight demand to come. <\/p>\n National Bank analyst Cameron Doerksen raised his price target to C$31 from C$23 and reiterated an \u201coutperform\u201d rating. <\/p>\n He also increased his valuation multiple on his 2027 estimates to 9.0x enterprise value\/EBITDA from 7.5x, indicating he thinks the stock\u2019s higher trading range has staying power. <\/p>\n \u201cOur positive view is based on: (1) We see the broader trucking market conditions continuing to improve due to regulatory\/enforcement changes and some improvement in demand; (2) We see Mullen as well-positioned to capitalize on new business related to the advancement of \u201cnation-building\u201d (pipelines and mining activity notably) and other infrastructure projects in Western Canada (such as data centre build outs); and, (3) With a strong balance sheet, the company is well positioned for further M&A growth,” Mr. Doerksen told clients in a note.<\/p>\n \u201cMullen shares have performed strongly so far in 2026 up ~65% versus the S&P TSX up ~11%. On our updated 2027 estimates, Mullen trades at 8.3x EV\/EBITDA versus its 5-year forward average of 6.9x, but still well below the weighted average U.S. peer group currently at ~11.6x based on 2027 forecasts). We also forecast Mullen\u2019s 2027 free cash flow at $187 million for an attractive free cash flow yield of 7.4%,\u201d he said.<\/p>\n Elsewhere, TD Cowen analyst Tim James also increased his EBITDA target multiple, resulting in a new price target of C$32, up from C$24. \u201cMullen business quality\/opportunity set is too strong to justify valuation discount to comps, in our view,\u201d Mr. James similarly said of Mullen. <\/p>\n \u201cManagement\u2019s outlook is increasingly constructive relative to prior quarters, with commentary shifting from \u2018waiting for projects\u2019 toward actively preparing capital and equipment for anticipated project awards,\u201d he said. Mr. James rates Mullen as a \u201cbuy.\u201d<\/p>\n Among other analysts, Desjardins\u2019 Benoit Poirier raised his target to C$30 from C$23 and reiterated a \u201cbuy\u201d rating. And BMO\u2019s John Gibson raised his target price to C$32 from C$25. <\/p>\n The average analyst price target is C$28.20, according to S&P Capital IQ this morning.<\/p>\n A better-than-expected earnings report from Teck Resources Ltd. (TECK-B-T<\/a>) this week has prompted some price target changes as well as one ratings upgrade. <\/p>\n The miner\u2019s adjusted EPS of $1.93 blew past estimates of $1.33. The beat was driven by higher copper sales volumes, stronger unit-cost performance, and positive settlement pricing adjustments.<\/p>\n National Bank analyst Shane Nagle raised his target to C$105 from C$100, but kept his rating \u201csector perform\u201d. This, he said, reflects improving operational execution and a strong balance sheet, offset by Teck shares continuing to trade broadly in line with the Anglo American offer until expected closing of their \u201cmerger of equals\u201d.<\/p>\n Canaccord Genuity analyst Dalton Baretto trimmed his price target to C$81 from C$84 and reiterated a \u201chold\u201d rating. <\/p>\n Meanwhile, Raymond James analyst Brian MacArthur upgraded his rating to \u201coutperform\u201d from \u201cmarket perform\u201d while raising his price target to C$93 from C$90. He cited Teck\u2019s ongoing strong cash generation and implied return to his target for the rationale behind his upgrade. \u201cWe believe Teck offers investors good exposure to energy transition metals with numerous internal growth options,\u201d he said.<\/p>\n TD Cowen analyst Craig Hutchison initiated coverage of NGEx Minerals Ltd. (NGEX-T<\/a>) with a \u201cbuy\u201d rating and C$35 price target. <\/p>\n \u201cWe view NGEx\u2019s flagship Lunahuasi project in Argentina as one of the best Cu-Au discoveries globally that combines high grade with scale. There remains significant exploration upside in the story, and NGEx warrants an M&A premium with the potential for further consolidation in the Vicu\u00f1a District, in our view,\u201d Mr. Hutchison said. <\/p>\n RBC analyst Jimmy Shan raised his price target on StorageVault Canada Inc. (SVI-T<\/a>) to C$6.25 from C$6 while reiterating an \u201coutperform\u201d rating. He applauded the company\u2019s \u201cconsistent healthy operating trends.\u201d<\/p>\n \u201cH1\/2026 funds from operations per unit growth is tracking +9% despite weak population growth and housing activity. We attribute its consistent 5% SP NOI [same property net operating income] growth of the last five quarters to its portfolio scale, revenue management platform and lead generation capabilities. Indeed, our expectation is for a continued +9% funds from operations\/unit compounded annual growth rate over the next 3 years,\u201d Mr. Shan said in a note to clients. <\/p>\n \u201cMoreover, the recent acquisition of Public Storage Canada provides yet another valuation support for SVI,\u201d he added.<\/p>\n