Stifel raised its price target on Badger Meter (NYSE:BMI) to $200, up from $196, while keeping a Hold rating on the stock. The firm highlighted continued strong momentum in the adoption of advanced metering infrastructure (AMI), which remains a key secular growth driver for the company.
Despite recent tariff developments, management has reported minimal impact so far, though a more noticeable effect is expected in the second quarter of 2025. Notably, the company has yet to implement any pricing adjustments, suggesting confidence that potential cost increases will be manageable. The biggest exposure appears to be electronics sourced from China, though Badger’s Mexico facility largely meets USMCA requirements, which may help offset supply chain pressures.