The Globe and Mail reports in its Friday, March 30, edition that Industrial Alliance Securities analyst Elias Foscolos says despite Badger Daylighting's fourth quarter financial results falling short of his expectations, he believes the Street was expecting far worse. The Globe's David Leeder writes in the Eye On Equities column that in reaction to the results, released last Tuesday after market close, Badger shares jumped over 12 per cent on Wednesday. However, based on that positive reaction and a revised one-year return to his reduced target price for Badger shares, he downgraded his rating for the Calgary-based provider of non-destructive hydrovac excavation to "buy" from "strong buy." Mr. Foscolos cut his share target to $33 from $38.50. Analysts on average target the shares at $31.65. Badger reported revenue for the quarter of $133-million, missing Mr. Foscolos's Street-high $148-million estimate, as both its Canadian and U.S. segments fell below estimates. Adjusted earnings before interest, taxes, depreciation and amortization of $35-million also missed his projection (a Street-high $35-million). It also raised its monthly dividend by 18 per cent to 54 cents per common share on an annualized basis.