The Globe and Mail reports in its Tuesday, Jan. 23, edition that Scotia Capital analyst Konark Gupta has reaffirmed his "sector outperform" recommendation for Mullen Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta boosted his share target to $19.50 from $19. Analysts on average target the shares at $17.06. Mr. Gupta says in a note: "Mullen Group is one of our top picks this year. Shares were down in 2023 and have also underperformed since the market troughed on Oct. 27, 2023. We believe investors typically discount Mullen's valuation due to its slower growth profile relative to TFII and exposure to the trucking and energy markets at the same time. However, we think the company has proven to be more resilient than its competitors during uncertain times, due to its well-diversified portfolio of businesses by operations and geography. In addition to diversification, we are attracted to Mullen's valuation, low double-digit FCF yield, high dividend yield (5.1 per cent) with a low payout ratio, continued share buybacks and potential for growth through acquisitions. Mullen is one of the most undervalued stocks in our coverage universe with forward valuation at the historical trough."