Badger Meter (BMI) remains well positioned for growth heading into 2027 as its advanced metering infrastructure projects continue to progress, RBC Capital Markets said Thursday in a report.
RBC cited a Q3 earnings beat driven by strong gross margins and the expected start of Puerto Rico Aqueduct and Sewer Authority installations in Q4.
Badger's modest reduction to its full-year 2026 organic revenue outlook reflects an outsized Q1 short-cycle miss rather than any deterioration in its project pipeline, which remains robust, the report said. RBC lowered its 2027 EPS estimate by $0.05 to $5.10.
RBC raised its price target on Badger stock to $187 from $162 and maintained its outperform rating.
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