Stifel last night upgraded Badger Meter (BMI) to Buy from Hold with a price target of $215, up from $208. The firm believes the advanced metering infrastructure upgrade cycle is driving secular growth for Badger while the company’s non-metering businesses will contribute to further growth. Concerns about declining stimulus funds and cuts to federal funding of water utilities are overblown, “creating negative sentiment which will blow over,” the analyst tells investors in a research note.
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