The Globe and Mail reports in its Friday, June 1, edition that just more than two weeks after Industrial Alliance Securities analyst Elias Foscolos elevated his rating for Badger Daylighting ($29.17) in reaction to "positive" first quarter results, he reversed course and cut his rating to "buy" from "strong buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Foscolos issued the downgrade in reaction to an 11-per-cent jump in price. Mr. Foscolos continues to target the shares at $34.50, which exceeds the current consensus of $32.54. Mr. Foscolos says in a note: "Overall economic growth and an oil and gas recovery have led to more company optimism going forward. With the negative sentiments behind the company and the stock correction, business is proceeding as usual. ... Prior to the Q1/18 earnings release, negative sentiment surrounded BAD. With the short-sellers quieting down and the conclusion of the ASC investigation, optimism is developing around the stock. This is important to us because in the absence of pricing increases, more hydrovacs equal more revenue."