Axon Gains As Raymond James Upgrades It By Two Notches
Investing.com
Published May 19, 2021 11:03AM ET
By Dhirendra Tripathi
Investing.com – Axon Enterprise (NASDAQ:AXON) shares rose more than 2% Wednesday, boosted by an upgrade from Raymond James to a strong buy with a target of $150.
The target is 19% higher from the stock’s current price of $126.
Analyst Brian Gesuale attributed his latest recommendation that is two notches higher from his previous rating to the stock’s recent reverses, making it attractive now. He also pointed out that Axon has constantly exceeded the brokerage’s expectations.
The current valuation "understates the improving ARR (annual recurring revenue) , adjacent market growth, mix shift and clear-cut intensification of secular tailwinds,” Gesuale said in a note.
Axon posted $195 million in first quarter revenue, up 33% over last year. Gross margin of 63.3% improved 310 basis points year over year, and was its highest in 10 quarters, reflecting strong demand for its premium TASER weapons.
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