Badger Meter price target lowered to $166 from $215 at Stifel

Stifel analyst Nathan Jones lowered the firm’s price target on Badger Meter (BMI) to $166 from $215 and keeps a Buy rating on the shares. 2025 saw a number of concluding AMI turnkey projects that resulted in growth below the high single-digit five-year outlook, notes the analyst, who says investors are fearing secular deceleration in the AMI adoption cycle. However, the firm continues to believe the AMI upgrade cycle has legs with management setting the expectation for a re-acceleration in growth in the second half of 2026.