Badger Meter price target raised to $218 from $204 at Argus

Argus analyst Kristina Ruggeri raised the firm’s price target on Badger Meter to $218 from $204 and keeps a Buy rating on the shares. The firm expect continued strong demand for the company’s products given the growing importance of water conservation and the increased use of advanced metering infrastructure as Badger Meter is a market leader in this space and has been gaining share with help from acquisitions, the analyst tells investors in a research note. Sales of Badger’s higher-margin smart water products have also helped to increase the company’s margins, and Argus is raising its FY24 EPS view by 18c to $4.20 and its FY25 view by 21c to $4.50.