Northcoast upgrades Badger Meter to Neutral on ‘stellar fundamentals’

Northcoast analyst Ryan Connors upgraded Badger Meter to Neutral from Sell without a price target. The company reported “blow-out” Q1 results, suggesting the stock’s valuation premium correctly discounts its earnings continuing on their recent accelerated trajectory, the analyst tells investors in a research note. The firm says the quarter affirms the view that Badger is a best-of-breed company in the water metering space. Northcoast believes the stock’s valuation premium is justified “by the company’s stellar fundamentals.”