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Bull of the Day

Badger Meter (BMI) reported earnings of $0.62 in the third quarter of 2012 and revenues of $87 million, up 35% and 25%, respectively. Both outpaced the respective Zacks Consensus Estimates. The acquisitions of Racine Federation, Cox Flow Measurement and Remag are expected to boost the company's flow measurement business globally.

The acquisitions broadened the company's product range and customer base for Badger Meter. The company will continue to benefit from the customers preference for the cost effective AMR technology as well as growing interest in AMA. Furthermore, buoyed by its strong balance sheet and healthy cash flows, Badger Meter can invest in growth opportunities, develop new products and return cash to shareholders.

Based on these positives, we have upgraded our recommendation from Neutral to Outperform on Badger Meter with a target price of $55.00. This target price, 27.1x our 2012 EPS estimate, reflects our view.

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