Badger Meter price target raised to $184 from $180 at Baird

Baird raised the firm’s price target on Badger Meter to $184 from $180 and keeps a Neutral rating on the shares. The firm noted shares fell despite a strong 2Q sales/EPS beat. 2Q was modestly aided by greater than typical backlog conversion, but share reaction, reflected the company more explicitly directing 2H24E sales growth expectations lower. Baird believes long-term fundamentals intact, but seek more favorable entry point.