The Globe and Mail reports in its Thursday edition that Industrial Alliance Securities analyst Elias Foscolos cut his rating for Badger Daylighting to "buy" from "strong buy." The Globe's David Leeder writes that on Monday Badger posted revenue of $169-million, exceeding the projections of both Mr. Foscolos and the Street. A year-over-year jump of 19 per cent, the result was due largely to a strong performance in the United States, which the analyst expects will continue in 2019. Adjusted earnings before interest, taxes, depreciation and amortization of $51-million also topped Mr. Foscolos's Street-high forecast of $54-million (and the $39-million consensus). Mr. Foscolos raised his target price for Badger shares by a loonie to $39. Analysts on average target the shares at $36.25. Mr. Foscolos says in a note: "Badger's Q3/18 results beat projections that had already been revised upward in October. Badger's continued focus on growing its U.S. hydrovac business continues to pay off, and the company continues to look for ways to streamline its internal processes. Overall, the theme is confidence heading into 2019, for which EBITDA is guided at $170-190-million, which was and still is in line with our estimates."