Despite TASER (TASR) Beat and Raise, Margin Expansion Remains Elusive - Oppenheimer
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Oppenheimer analyst Andrew Uerkwitz reiterated a Perform rating on TASER International (NASDAQ: TASR) following 'beat and raise' but said continued investment keeps margin expansion tenuous.
Uerkwitz commented, "TASER has posted three straight quarters that handily beat top-line consensus. However, margin expansion remains elusive (revenue up 31% ytd; EPS down 26% ytd) as the company continues to invest in body camera, ev.com, dash cam, and now record management systems. We believe this is the right strategy to become a technology leader to police departments, but it will require patience, as agencies are slow to change. As for the quarter,Axon added two more major departments (Cinci, Atlanta) and EV.com revenues nearly doubled, a result of shrinking the gap between booked and active seats (and some true-up). Mgmt. announced that CFO Dan Behrendt will be stepping down (but remaining on until post-10-K filing) after 12 years with TASR."
Shares of TASER International closed at $23.67 yesterday.
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