Badger Infrastructure price target raised to C$48 from C$42.50 at Scotiabank

Scotiabank raised the firm’s price target on Badger Infrastructure to C$48 from C$42.50 and keeps a Sector Perform rating on the shares. The company’s Q4 EBITDA missed consensus, which the company explained was due to a $2.7M write-down, a $2.1M true-up on short-term comp, and a $0.9M one-time cost accrual, the analyst tells investors. However, the firm notes the true-up would have otherwise been recognized in 2023. Outside of the muted gross margin performance, trends remained favorable in Q4, the firm adds.