Badger Meter (BMI) PT Raised to $52 at Stifel After Seq Growth Returns - Stifel
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Stifel analyst Nathan Jones raised the price target on Badger Meter (NYSE: BMI) to $52.00 (from $49.00) after the company's 3Q19 report was somewhat better than expected after allowing for the 1x warranty charge. After a rough 2Q19 revenue quarter in the municipal business (-9.6%) where the company attributed the drop to an "innovation pause" around new product releases, particularly the new ORION LTE-M radio, growth returned to the domestic business with 2% growth.
The analyst stated "Expense control has been solid with a slight drop expected in SG&A for the full year in dollar terms and a slight uptick as a percentage of sales. We think this is pretty strong execution given the unexpected drop in revenue in 1H19. We expect SG&A to increase at ~2% per year due to inflation and for the company to see operating leverage on the SG&A line at levels above 2% growth. In our model with gross margins flat and 4% long term organic growth (which is below management expectations) we see 40-50bps of margin expansion driven by SG&A leverage over the long term". No change to the Hold rating.
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