The Globe and Mail reports in its Friday, Nov. 28, edition that National Bank Financial analyst Michael Doumet rates Badger Infrastructure Solutions "outperform" in new coverage. The Globe's David Leeder writes that Mr. Doumet set a share target of $84. Analysts on average target the shares at $76.44. Mr. Doumet says in a note: "Given cyclical growth enables structural growth, Badger's 'bursts' of share price appreciation over the last decade have coincided with periods of concurrent cyclical and structural growth. We argue that the growth 'cycle' that began post-pandemic and may extend to be decade-long is giving investors heightened visibility on the 'Bigger-Badger' potential (bigger and higher margin). The 30-per-cent-plus increase in the Dodge Momentum Index (leads construction spend by 12 to 18 months), suggests potentially meaningful growth through early-2027. We based our target price on a nine times EV/EBITDA multiple on our 2027E (one times premium versus historical), equivalent to a 20.3 times P/E multiple (0.3 times). To us, high-single-digit fleet growth, price and utilization enhancements, and an incremental margin expansion opportunity substantiates its premium valuation and continued upside potential."