Badger Meter price target lowered to $169 from $197 at RBC Capital

RBC Capital lowered the firm’s price target on Badger Meter (BMI) to $169 from $197 and keeps an Outperform rating on the shares. The company delivered an underwhelming Q1 operating mess, driven by project timing and slower book-and-ship business, the analyst tells investors in a research note. The sunsetting of several large Advanced Metering Infrastructure – AMI – deployments coincides with a sizable backlog that does not ship until the second half of the year, creating an “air pocket” in the first half, the firm added.