Badger Meter price target lowered to $229 from $264 at RBC Capital

RBC Capital analyst Jeffrey Reive lowered the firm’s price target on Badger Meter (BMI) to $229 from $264 but keeps an Outperform rating on the shares. The company reported a modestly better-than-expected Q3 with topline playing out mostly as expected, the analyst tells investors in a research note. Badger Meter’s other positives included 8% organic growth, 6% sequential growth at SmartCover, core incrementals of 26%, free cash flow conversion of 136%, and an increased gross margin target to 39%-42%, the firm added, noting that with nothing overly concerning in the results, the decline was more likely due to its elevated short-interest and positioning.