Badger Meter (BMI) will likely showcase other offerings beyond its smart meter business at its inaugural investor day on May 21, RBC Capital Markets said in a note Wednesday.

The company is expected to spotlight its expanding SaaS business and its water quality platform, among others, and to reaffirm its long-term targets, the report said.

"The event should be positive at the margin," the note said. "However, the market appears to be in wait-and-see mode for the anticipated 2H26 sales ramp."

The report said its backlog execution will determine the re-rating path. RBC kept its outperform rating and $169 price target.

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