The Globe and Mail reports in its Wednesday, Jan. 21, edition that Raymond James analyst Frederic Bastien has downgraded Black Diamond Group to "outperform" from "strong buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bastien raised his share target to $20 from $18. Analysts on average target the shares at $17.50. Mr. Bastien says in a note: "We are upbeat on Black Diamond, mindful of Modular Space Solutions' (MSS) strong compounding growth potential, the attractive nation-building optionality built into Workforce Solutions, and the major platform enhancements underway at LodgeLink. With this much inertia embedded in the Black Diamond model, we are comfortable stretching our valuation a little further. We derive a new valuation of $20 by raising our target 2026E EV/EBITDA multiple on WFS to eight times from seven times, and bumping our LodgeLink EV/revenue multiple to six times from five times. Even so, we are lowering our recommendation by one notch to 'outperform,' as an explosive 85-per-cent run over the past twelve months renders upside more balanced."