RBC raises target for Mullen Group stock to CAD 32.00

Published on 10/02/2026 at 02:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached CAD 609.30 million, up 11.25 percent sequentially. Mullen Group stock faces a CAD 26.00 consensus target.

MTL, CA6252841045, Illustration mit AI erstellt.

Mullen Group (CA6252841045) received a higher RBC Capital price target of CAD 32.00 from CAD 30.00 on September 30, 2026, while Mullen Group stock remains below the broader analyst consensus target of CAD 26.00. The latest operating figures provide the more immediate test of that valuation debate.

RBC lifts its target

As Markets Insider reported on September 30, 2026, RBC Capital raised its target from CAD 30.00 to CAD 32.00 and retained an Outperform rating. The note cited updated third-quarter estimates, recent trends and channel checks, while mid-quarter volume data pointed to an improving backdrop.

The higher target contrasts with the consensus picture. MarketBeat reported on September 29, 2026, that five of eight analysts rated Mullen Group a Buy and three rated it Hold, with an average 12-month target of CAD 26.00.

Second-quarter growth sets the test

Mullen Group generated CAD 609.30 million in revenue during the second quarter of 2026, compared with CAD 547.70 million in the first quarter, an increase of 11.25 percent. Net income also rose from CAD 21.05 million to CAD 35.95 million over the same periods.

The finance statement for the second quarter shows diluted earnings per share of CAD 0.37, up from CAD 0.22 in the first quarter. Operating cash flow reached CAD 73.34 million, while free cash flow was CAD 56.70 million in the second quarter. These figures give the target increase a concrete operating benchmark rather than leaving the debate to valuation alone.

Results date is October 22

MarketScreener reported on September 23, 2026, that Mullen Group plans to release third-quarter 2026 results on October 22, 2026, at 6:00 a.m. ET, followed by a 10:00 a.m. ET conference call. The scheduled report will show whether the improved volume trend cited by RBC translated into results.

MarketScreener reported on September 22, 2026, that Mullen Group declared a monthly dividend of CAD 0.07 per common share, payable on October 15, 2026. The dividend adds a separate cash-return measure ahead of the next earnings release.

Toronto valuation snapshot

Mullen Group was last at CAD 27.27 on the Toronto Stock Exchange on October 1, 2026, at 4:00 p.m. ET. Its market capitalization was CAD 2.6 billion as of October 1, 2026, and its 52-week range was CAD 13.53 to CAD 28.78, leaving the share price 5.25 percent below the high.