UPDATE: Craig-Hallum Upgrades Axon Enterprise (AXON) to Buy, 'Grabbing On To The AXON Rocket'

Craig-Hallum analyst Jeremy Hamblin upgraded Axon Enterprise (NASDAQ: AXON) from Hold to Buy with a price target of $232.00 (from $184.00).

The analyst comments "We are upgrading AXON to a Buy rating after delivering one of the best quarters in company history marked by record bookings, revenues and ARR growth. While valuation on the stock remains high on an absolute basis, we are impressed by the company’s ability to grow at least 25% even as the revenue base increases and expect the company to hit 25%+ in FY22. With substantial momentum building in both international and federal markets, we see multiple opportunities for upside potential on raised FY22 guidance. Like many technology firms, AXON will have some impact on Q4 revenues due to supply chain issues (component parts) but demand for TASER weapons has never been higher. AXON’s ability to consistently deliver beat and raise quarters over the last several years has placed the stock in the upper echelon of SaaS-based tech firms. We are raising our FY22 estimates and increasing our Price Target to $232 and view downside risk from current levels as low."

For an analyst ratings summary and ratings history on Axon Enterprise click here. For more ratings news on Axon Enterprise click here.

Shares of Axon Enterprise closed at $167.41 yesterday.

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