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Investing.com - National Bank Financial initiated coverage on Badger Infrastructure Solutions Ltd (TSX:BDGI) with an Outperform rating and a price target of C$84.00.
Badger Infrastructure Solutions, which trades on the OTC market as (OTC:BADFF), is North America’s largest provider of hydrovac excavating services, approximately 10 times larger than its nearest competitor, according to National Bank Financial.
The firm highlighted Badger’s increased diversification across geographies, end-markets, and customers, positioning the company to benefit from multi-year infrastructure and non-residential construction tailwinds.
National Bank Financial noted several growth catalysts for Badger, including the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act (IRA), CHIPS Act, LNG projects, electrification initiatives, mega projects, and data centers.
With approximately 25% North American market share, Badger is targeting double-digit organic revenue growth, with National Bank Financial expecting the company to achieve its fastest earnings growth in over a decade at approximately 15% EBITDA growth in the near term.
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