The Globe and Mail reports in its Friday edition that Scotia Capital analyst Konrad Gupta has lowered his recommendation for Mullen Group and TFI International to "sector perform" from "sector outperform." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Gupta cites weak second quarter trends and uncertainty about the second half of this year for the downgrade. He says investors would be better off in the sector holding the Canadian rails. Mr. Gupta cut his Mullen Group share target to $16 from $16.50. He lowered his share target for TFI International to $140 from $145. Mr. Gupta says in a note: "Freight markets remain volatile, tracking the U.S. trade policy roller coaster and the moving tariff deadlines. By the time the dust settles, we could potentially be talking about 2026 outlook as uncertainty is likely to persist or heighten in 2H. We believe the industry largely avoided the Q2 air pocket seen coming out of Q1, thanks to the temporary pause in U.S. tariffs. However, the quarter turned out mixed with the Canadian rails exceeding our volume expectations but other modes, particularly trucking, missing. Our 2H visibility is blurred by the fact that some future demand was pulled forward into 1H."