The Globe and Mail reports in its Wednesday, Aug. 14, edition that Raymond James analyst Frederic Bastien upgraded Black Diamond Group to "strong buy" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bastien continues to target the shares at $3. Analysts on average target the shares at $3.19. Mr. Bastien says his positive view on Black diamond was reinforced last week with the release of in line second quarter results, which saw "improvements across the board." Mr. Bastien says in a note: "We are convinced much better days lie ahead for BDI shareholders as Workforce Solutions (WFS) improves utilization rates with rental contracts in California and along the Coastal Gaslink pipeline, and as Modular Space Solutions (MSS) continues to scale up outside Alberta. Since very little of this seems priced into the stock, at 0.44 times tangible book value presently, we are moving our recommendation. ... Our [share] target is based on a forward EV/EBITDA multiple of 6.0 times our pre-IFRS 16 estimate. ... Although we believe Black Diamond's smaller capitalization and higher concentration risk warrant this steep discount, we expect it to narrow as MSS gains scale."