Raymond James Upgrades Axon Enterprise (AXON) Two Notches to Strong Buy on 39% Pullback
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(Updated - May 19, 2021 7:14 AM EDT)
Raymond James analyst Brian Gesuale upgraded Axon Enterprise (NASDAQ: AXON) from Market Perform to Strong Buy with a price target of $150.00.
The analyst comments "We are upgrading Axon to a Strong Buy from a Market Perform rating and initiating a $150 target price following a 39% pullback and our view that the current valuation understates the improving ARR, adjacent market growth, mix shift and clear-cut intensification of secular tailwinds. AXON has consistently exceeded our expectations over the last year and virtually every key metric that we track has trended ahead of our model. Likewise, we view the recent pullback as a compelling opportunity at a price that preceded two quarters of beats and raises; and far less visibility. Finally, we believe the current price, while distant from most peers is more than compelling when considering our R40 comparison and SOTP analysis."
Shares of Axon Enterprise closed at $123.43 yesterday.
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