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Sterne Agee is out with a research note this morning, where it maintains its “buy” rating on shares of Badger Metter Inc.
BMI; it has also set a price target of $47.00.
BMI reported 2Q10 adjusted EPS of $0.50, which was above consensus ($0.48) and analyst estimates ($0.47). Also, Badger increased its total revenue ~10% y/y to $74M on improved orders rates for both Water and Specialty products. Analysts noted that higher pricing also helped contribute to sales growth.
Stern Agee added, “We are adjusting our 2010 EPS estimate to $1.88 from $1.90 with a $0.01 increase to our 3Q10 estimate to $0.55 and a $0.06 reduction to our 4Q10 EPS estimate to $0.47.”
Shares of BMI are trading at $39.98.
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