The Globe and Mail reports in its Friday, April 26, edition that Raymond James analyst Michael Barth has reaffirmed his "market perform" recommendation for Mullen Group. The Globe's David Leeder writes that Mr. Barth gave his share target a 50-cent trim to $16.50. Analysts on average target the shares at $17.83. Mr. Barth says in a note: "Mullen Group reported disappointing 1Q24 results, and we expect that 2024 will continue to be a tough year on the organic growth front. We've revised down our near-term organic growth and margin estimates, but note that the current environment is likely ripe for M&A. As a result, we also increase our acquisition spend over the next 12 months at modestly accretive prices. On balance, our longer term estimates remain relatively unchanged, but our target falls from $17/share to $16.50 per share to reflect a reduction in near-term FCF. With Mullen Group's stock down 9 per cent at the time of writing, we do feel like the market overreacted and now have 25-per-cent upside to target. Despite the modest and growing gap between the current share price and our estimate of fair value, we still believe there is more attractive risk/reward with other names in our coverage universe."