Badger Meter initiated with an Underweight at Barclays

Barclays analyst William Grippin initiated coverage of Badger Meter (BMI) with an Underweight rating and $157 price target The firm says Badger is a “solid company with a difficult setup.” The stock’s premium valuation among the water technology group creates a poor risk/reward, the analyst tells investors in a research note. Barclays sees decelerating growth for the company due to a maturing market and utility funding constraints.