The Globe and Mail reports in its Wednesday, April 18, edition that BMO Nesbitt Burns analyst Jonathan Lamers, calling Badger Daylighting a "small-cap GARP [growth at a reasonable price] opportunity," began coverage with an "outperform" rating. The Globe's David Leeder writes in the Eye On Equities column that Mr. Lamers set a share target of $31, which is below the average target among analysts covering the stock of $32.18. Mr. Lamers says in a note: "If Badger's quarterly results continue to demonstrate it can maintain its high margins, the stock should re-value to the midpoint-to-higher end of the peer range, in our view. The past three quarters have demonstrated asset utilization improvement and margin stability, following the oil and gas industry downturn that lead Badger to shift its mix toward infrastructure end markets and compressed margins. Badger is now positioned to benefit from both steady infrastructure sector growth and strong pipeline sector activity. We believe investors stand to benefit from earnings-driven growth (10-15 per cent-plus) and we see potential for multiple expansion (perhaps 1-2 times on EV/EBITDA) if quarterly results continue to demonstrate margins within the historic range."