The Globe and Mail reports in its Wednesday, Oct. 11, edition that TD Securities analyst Tim James has elevated his recommendation for Mullen Group to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. James continues to target the shares at $18.50. Analysts on average target the shares at $17.43. The Globe says Mr. James issued his upgraded in response to recent share price weakness and its "historically high" valuation discount. Mr. James says in a note: "The current weighted average comp-group forward EBITDA multiple of 13.3 times compares with the pre-pandemic five-year average of 9.6 times and the comp group's pre-pandemic peak multiples of approximately 12x times. This valuation, combined with the prolonged recovery in industry conditions and higher interest rates, suggests to us that there is an increasing risk of a broader sector pullback. ... We believe the recent share-price performance, Mullen's current valuation multiples relative to its history and comp group, and our prudent forecast offset the current industry backdrop of negative year-over-year growth and supports a higher share price over the next 12 months."