Inside the Market’s roundup of some of today’s key analyst actions
Analysts are giving high praise to Mullen Group Ltd. (MTL-T) 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.
National Bank analyst Cameron Doerksen raised his price target to C$31 from C$23 and reiterated an “outperform” rating.
He also increased his valuation multiple on his 2027 estimates to 9.0x enterprise value/EBITDA from 7.5x, indicating he thinks the stock’s higher trading range has staying power.
“Our 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 “nation-building” (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.
“Mullen 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’s 2027 free cash flow at $187 million for an attractive free cash flow yield of 7.4%,” he said.
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. “Mullen business quality/opportunity set is too strong to justify valuation discount to comps, in our view,” Mr. James similarly said of Mullen.
“Management’s outlook is increasingly constructive relative to prior quarters, with commentary shifting from ‘waiting for projects’ toward actively preparing capital and equipment for anticipated project awards,” he said. Mr. James rates Mullen as a “buy.”
Among other analysts, Desjardins’ Benoit Poirier raised his target to C$30 from C$23 and reiterated a “buy” rating. And BMO’s John Gibson raised his target price to C$32 from C$25.
The average analyst price target is C$28.20, according to S&P Capital IQ this morning.
A better-than-expected earnings report from Teck Resources Ltd. (TECK-B-T) this week has prompted some price target changes as well as one ratings upgrade.
The miner’s 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.
National Bank analyst Shane Nagle raised his target to C$105 from C$100, but kept his rating “sector perform”. 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 “merger of equals”.
Canaccord Genuity analyst Dalton Baretto trimmed his price target to C$81 from C$84 and reiterated a “hold” rating.
Meanwhile, Raymond James analyst Brian MacArthur upgraded his rating to “outperform” from “market perform” while raising his price target to C$93 from C$90. He cited Teck’s ongoing strong cash generation and implied return to his target for the rationale behind his upgrade. “We believe Teck offers investors good exposure to energy transition metals with numerous internal growth options,” he said.
TD Cowen analyst Craig Hutchison initiated coverage of NGEx Minerals Ltd. (NGEX-T) with a “buy” rating and C$35 price target.
“We view NGEx’s 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 Vicuña District, in our view,” Mr. Hutchison said.
RBC analyst Jimmy Shan raised his price target on StorageVault Canada Inc. (SVI-T) to C$6.25 from C$6 while reiterating an “outperform” rating. He applauded the company’s “consistent healthy operating trends.”
“H1/2026 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,” Mr. Shan said in a note to clients.
“Moreover, the recent acquisition of Public Storage Canada provides yet another valuation support for SVI,” he added.
Raymond James analyst Frederic Bastien says he’s maintaining an “outperform” rating on FirstService Corp. (FSV-T) despite a more measured second half 2026 revenue outlook from management. He cut his price target to US$190 from US$215 after making changes to his cash flow valuations amid challenging near-term fundamentals.
The company reported adjusted EBITDA of US$162 million for its second quarter, exceeding the consensus of US$160 million, and increasing a modest 3% year-over-year.
“In our view, FSV’s 2Q26 results reinforce the durability of its business model, with the company continuing to execute against a challenging backdrop of weak consumer sentiment and elevated interest rates. Given ongoing market share gains across the majority of platforms, a disciplined M&A strategy, and meaningful remaining capacity under the NCIB, we continue to see a compelling risk/reward profile at current levels,” Mr. Bastien said.
Elsewhere, TD Cowen’s Tim James cut his price target to US$195 from US$207 and reiterated a “buy” rating.
“Excessively negative stock response to ongoing Roofing weakness (11% of revenue) and concerns over M&A upside open door for patient investors who appreciate business model. Our forecasts are largely unchanged. We acknowledge uncertainty in timing of growth in certain business lines but view potential for incremental shareholder value from M&A, buybacks, and weather as supporting bullish view,” Mr. James said.
Canaccord Genuity analyst Mark Neville sees a lot of opportunity for business growth at Dexterra Group Inc. (DXT-T) given the AI buildout and the nation-building planned projects in Canada. He raised his price target to C$21 from C$18 while reiterating a “buy” rating.
Dexterra is a support services company providing solutions for the management and operation of infrastructure across North America.
“We believe there could be significant potential upside to our outer-year numbers as data centre and ‘Nation Building’ opportunities take hold,” Mr. Neville said in a note to clients. “We believe the data centre opportunity to be more immediate and likely larger in size given the number and scope of the projects. In fact, Dexterra is already involved with one data centre project in Louisiana, which, by itself, could become material to our numbers as the project ramps, in our view. That said, we still believe the ‘Nation Building’ opportunity is significant, with hundreds of such potential projects in Canada. Importantly, Dexterra has an inventory of available beds (~2,000) that it could deploy on these projects; most likely in Canada, as the company is more likely to pursue a managed bed approach in the US (for data centres). As such, the growth opportunity is not only significant, but likely to be highly capital efficient. We have not factored either opportunity into our estimates. Instead, we have increased our valuation multiple on Asset Based Services to 9.0x (from 7.5x), which, in our opinion, captures at least a portion of the potential upside.”