J.P. Morgan Upgrades Axon Enterprise Inc. (AXON:NSD) to an “Overweight” rating

Axon Enterprise Inc. Stock Forecast:

Axon Enterprise Inc.‘s average analyst target price for the next 12 months is $222.22, with an average analyst rating of Strong Buy. Stock Target Advisor‘s analysis of the company is Slightly Bullish, based on 9 positive signals and 5 negative signals. The company’s current stock price is $192.73, which has decreased by 12.74% over the past week and 13.43% over the past month, but increased by 115.44% over the last year.

Analysts Coverage Change:

  • Robert W. Baird & Co. (RANK #29) maintains their Outperform rating on Axon (AXON:NSD) and has increased the target price to $240 from $237.
  • J.P. Morgan Chase & Co. (RANK #4) Upgrades their rating on Axon from a “Neutral” to an “Overweight” rating with a target price of $236.

Axon Enterprises Inc. News:

According to Axon Enterprises earnings report, Axon generated $189.2 million in revenue during the first quarter of 2023, an increase of 20% compared to the same period last year. This growth was driven by a 23% increase in sales of Axon’s Taser stun guns, which accounted for $98.4 million in revenue. Body camera sales also contributed significantly, generating $61.3 million in revenue, a 17% increase from the previous year.

Axon’s software segment, which includes the company’s cloud-based evidence management platform Evidence.com, also showed strong growth. The segment generated $29.5 million in revenue, representing a 34% increase from the same period last year. The growth in software revenue is a testament to the value that Axon’s technology provides to law enforcement agencies, who increasingly rely on cloud-based solutions to manage their data and evidence.

Axon also saw an improvement in profitability. Gross margin for the first quarter of 2023 was 63%, up from 60% in the same period last year. This increase was driven by a higher percentage of revenue coming from Axon’s software segment, which has higher margins than the company’s hardware products.

Axon’s CEO, Rick Smith, commented on the strong Q1 results, stating that “we are pleased to see continued momentum in our business, driven by the demand for our technology and services. Our products and services are critical to helping law enforcement agencies operate safely and efficiently, and we are proud to be a trusted partner to thousands of agencies around the world.”

About Axon Enterprise Inc.:

Axon Enterprise, Inc. is a company that develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand, as well as hardware and cloud-based software solutions for law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence. Its products include various TASER devices, on-officer body cameras, Axon Fleet in-car systems, and Axon Evidence digital evidence management software. The company sells its products through direct sales, distribution partners, online store, and third-party resellers. Axon Enterprise, Inc. has a strategic partnership with Fusus, Inc. to expand its capabilities. The company was previously known as TASER International, Inc. and is headquartered in Scottsdale, Arizona.

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