TASER (TASR) Finally Has a Real Competitor - Oppenheimer
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Oppenheimer analyst Andrew Uerkwitz notes TASER International (NASDAQ: TASR) finally has real competitor after Vievu landed the NYPD contract, which will make it more competitive.
Uerkwitz commented, "We've had a chance to review the Vievu-NYPD contract. With 4,000 agencies and approximately 50,000 cameras in use, Vievu (private) has been a formidable competitor to TASER for some time and even beat TASER to the body camera opportunity (first camera shipped in 2007). But with only two top-50 agency wins (neither fully deployed), the company has struggled to appear on investor radars. That changed on Friday when it was announced that NYPD (~34,000 agents strong) chose Vievu as its body camera/evidence management partner for the agency's ~1,000 body camera trial. We see this win as a cornerstone for Vievu and would expect it to be more competitive to TASER (80% of major cities) for future large city deals. The economics are lower than what we've typically seen, but it's not out of the ordinary to offer aggressive pricing to larger agencies (TASER's London Met body camera deal comes to mind). So we do not expect to see a "race to the bottom" in the body camera/evidence management space."
The firm reiterated a Perform rating on TASR.
Shares of TASER International closed at $23.71 yesterday.
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