Axovant Sciences (AXON) PT Raised to $190 at Needham & Company
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Needham & Company analyst Scott Berg raised the price target on Axovant Sciences (NASDAQ: AXON) to $190.00 (from $130.00) while maintaining a Buy rating.
The analyst commented, "Axon reported much better than expected 4Q sales results driven by a large international TASER7 transaction and additional TASER7 sales into newer markets. As a result, the strong sales drove a quarterly best 28.7% adjusted EBITDA margins in over six years. We remain enamored with the company's expanding TAM and believe that the company's FY21 planned $25mm in for additional manufacturing capacity and automation is a strong signal that elevated TASER7 demand can last into at least FY23. We believe the market may be disappointed initially by FY21 guidance calling for only 12% revenue growth versus the strong FY19 and FY20 results, but we believe the guidance is appropriately conservative on large transactions whose timing is unpredictable."
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