Badger Infrastructure Solutions Ltd T.BDGI

Revised Targets

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CIBC’s Krista Friesen lowered her Badger Infrastructure Solutions Ltd.  target to $50, below the $50.06 average, from $52 with an “outperformer” rating. Other changes include: Stifel’s Ian Gillies target to $55.50 from $56.50 with a “buy” rating and Raymond James’ Frederic Bastien to $50 from $54 with an “outperform” rating.

“Our thesis remains unchanged following the update as we believe infrastructure spending tailwinds remain intact and the company will be able to deliver a revenue CAGR of 13 per cent and EPS CAGR of 35 per cent from 2024-2027,” said Mr. Gillies. “We find the current 2025 valuation very inexpensive at 5.3 times EV/EBITDA and 11.5 times P/E, while our NAV suggests $61.55 per share. With that said, we believe confirmation of earnings momentum needs to realized before the stock will move up meaningfully.”