UPDATE: Piper Jaffray Lowers Price Target on Badger Meter to $25

According to Piper Jaffray, Badger Meter BMI price target is lowered to $25. Piper Jaffray said that it is assuming coverage of Badger Meter with a $25 price target and maintaining the Underweight rating as it is lowering its estimates for 4Q and FY12 to reflect continued sales uncertainty in BMI's core water utility market. “Gross margin was noticeably weak in 3Q, but should begin to stabilize in early FY12 owing to the recent decline in copper prices.” Badger Meter closed yesterday at $29.