The Globe and Mail reports in its Tuesday, April 4, edition that Industrial Alliance analyst Elias Foscolos downgraded Badger Daylighting in the wake of recent "strong" price movement. The Globe's David Leeder writes in the Eye On Equities column that Mr. Foscolos cut his rating to "hold" from "buy." Mr. Foscolos says in a note: "We believe that the 9-per-cent increase in Badger's share price since we upgraded our rating to 'buy' [on March 21] post release of the Q4/16 results represents full capitalization given the current macro outlook. In our view, the next catalytic event for Badger will be the release of its Q1/17 results in mid-May, at which time we believe a modest dividend increase will also be announced. Badger's stock generally moves post the release of quarterly results, with the next release expected in mid-May. At that time, we also believe a dividend increase of 10 per cent is likely to be announced. A dividend increase of 10 per cent will likely not broaden its investor base as the stock is yielding 1.1 per cent." Mr. Foscolos continues to target the shares at $35. Analysts on average target the shares at $35.60.