The Globe and Mail reports in its Friday, June 14, edition that National Bank Financial analyst John Shao has reaffirmed his "buy" recommendation and $6 share target for Blackline Safety. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $5.97. Proceeds of $34.6-million from a pair of common share offerings increases Blackline's "margin of safety while providing flexibility to pursue growth opportunities." Part of the money raised will be used to add capacity to its equipment leasing program. Mr. Shao says in a note: "Prior to the offering, Blackline Safety had approximately $15-million in cash and short-term investments on its balance sheet. Based on our projection, even without the cash proceeds from the offering, its existing cash balance should be enough to support Blackline before it turns EBITDA and cash flow positive toward the end of the year. Since last year, the company has implemented a series of measures (price increase, lease monetization, accelerated working capital turnover, and restructurings) to improve its profitability and cash generation, and [Wednesday's] announcement further reduces its already low balance sheet risk."