The Globe and Mail reports in its Saturday, Oct. 1, edition that BMO Nesbitt Burns analyst Rachel Walsh, touting the potential of the voluntary carbon market, began coverage on Base Carbon on Friday with an "outperform" recommendation. The Globe's David Leeder writes in the Eye On Equities column that Mr. Walsh set a share target of $1.25. Analysts on average target the shares at $1.75. Mr. Walsh says in a note: "With cash on the balance sheet, we believe Base Carbon will announce additional upcoming stream agreements, which we expect should have a positive impact on the stock. The company has telegraphed that it is working on a reforestation stream that we would view positively, as we consider this to be one of the highest quality project types within nature-based carbon solutions. Given the company's inexpensive valuation, relatively low cost structure, expertise in the carbon space, and strategic partnerships, we view this name favourably in the carbon streaming and royalty space."