Zacks Investment Research upgraded shares of Badger Meter Inc. (BMI) from UNDERPERFORM to NEUTRAL on October 07, 2013, with a target price of $49.00.
We have upgraded our recommendation on Badger Meter from Underperform to Neutral with a target price of $49.00. In the second quarter, Badger Meter's earnings per share declined 15.4% year over year to $0.44 due to litigation and pension charges. Replacement demand is expected to recover which will drive growth in water meter. Badger Meter will also benefit from improved volumes in both its municipal and industrial product lines. Going forward, Badger Meter will benefit from acquisition and new product launches. Subdued growth for automation sales and escalated operating costs remain concerns. Additionally, ongoing global economic weakness may affect the performance of Badger Meter, moving forward.
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