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TASR

TASER

$28.61

-0.32 (-1.11%)

13:06
10/03/16
10/03
13:06
10/03/16
13:06

TASER slides after rival awarded NYPD body camera contract

Shares of TASER (TASR) are sliding after the New York City Police Department awarded a contract to supply police body cameras to the company's rival Vievu, according to the New York Daily News. Noting that the agreement only amounts to $20 per camera per month, Ladenburg analyst Glenn Mattson downgraded TASER to Neutral, saying that this "severely-below-market contract" could be the opening to a new level of price competition. BODY CAMERAS CONTRACT: According to a report on Friday by the New York Daily News, New York City has agreed to spend over $6M to purchase 1,000 body cameras for the police. The five-year contract with TASER rival Vievu will provide "for the provision of a complete and comprehensive body camera system using a Cloud-based storage solution," the report said. PRICE MAY BECOME AN ISSUE: Following the news, Ladenburg's Mattson downgraded TASER to Neutral from Buy, saying the missed NYPD contract could signal increased price competition, marking a change in the marketplace where price becomes an issue. The analyst noted that the $6M contract for 1,000 cameras ramping over time to 5,000 awarded to Vievu amounts to $20 per camera per month, which is far below TASER's average per camera in the mid-to-high $40's. Mattson recalled that many cities' councils have raised concerns regarding the total cost for video solutions in the past, and warned that municipalities are likely to look to New York City when determining pricing going forward. UNPROFITABLE DEAL: After the NYPD issued a public hearing notice for a proposed contract for Vievu, Craig-Hallum analyst Steven Dyer said it appears TASER's rival is providing free body cams to 5,000 officers at the beginning and believes it has agreed to a "significantly unprofitable contract." The analyst told investors that he thinks TASER had the best end-to-end solution of the 54 vendors who bid on the NYPD deal, and simply elected not to take an unprofitable deal. While Dyer sees the news as "obviously disappointing" for TASER, he pointed out that the company remains "the dominant force" in the domestic body-worn video market and is rapidly becoming the dominant player internationally. While he will be watching for downward pressure on future body cam deals, the analyst reiterated a Buy rating and $33 price target on TASER's shares. PRICE ACTION: In afternoon trading, shares of TASER have dropped over 14% to $24.58.

TASR TASER
$28.61

-0.32 (-1.11%)

08/04/16
08/04/16
NO CHANGE

On The Fly: After Hours Movers
UP AFTER EARNINGS: Pacific Biosciences (PACB), up 17%... MasTec (MTZ), up 9.6%... Aratana Therapeutics (PETX), up 9.2%... Lion's Gate (LGF), up 6.4%... Priceline (PCLN), up 5.7%... Ubiquiti (UBNT), up 5.5%... MercadoLibre (MELI), up 4.1%... Organovo (ONVO), up 3.9%... Kraft Heinz (KHC), up 3.3%... EOG Resources (EOG), up 2.8%... Monster Beverage (MNST), up 1.2%... TASER (TASR), up 1.2%... Take-Two (TTWO), up 0.9%... Activision Blizzard (ATVI), up 1%... BioMarin (BMRN), up 0.4%. ALSO HIGHER: Egalet (EGLT), up 31.2% after the company announced that an FDA advisory committee recommended approval of its ARYMO ER drug... Rackspace (RAX), up 17.6% after the Wall Street Journal reported that the company was near a takeover deal with a private equity buyer... Osiris (OSIR), up 8.5% after it said that the manuscript from its prospective trial using Grafix was published. DOWN AFTER EARNINGS: Hortonworks (HDP), down 26.2%... PDL BioPharma (PDLI), down 17.5%... FireEye (FEYE), down 15.8%... Sierra Wireless (SWIR), down 15.6%... Aquinox (AQXP), down 14.7%... Zynga (ZNGA), down 9.4%... Universal Display (OLED), down 8.2%... Weight Watchers (WTW), down 7.6%... Zillow Group (Z, ZG), down 5.5%... Arista Networks (ANET), down 4.5%... Noodles & Company (NDLS), down 4.3%... Merrimack (MACK), down 1.7%... Bankrate (RATE), down 1.7%.
10/03/16
LTCO
10/03/16
DOWNGRADE
LTCO
Neutral
TASER downgraded to Neutral from Buy at Ladenburg
10/03/16
CHLM
10/03/16
NO CHANGE
Target $33
CHLM
Buy
Craig-Hallum calls TASER 'leader' in body cams, but notes pricing pressure
Craig-Hallum analyst Steven Dyer said he expects TASER shares to come under pressure after NYPD issued a public hearing notice for a proposed contract for TASER rival Vievu to provide 1,000 body cameras and cloud-based storage for a 1-year pilot program. In "an attempt to remain relevant," it appears Vievu is providing free body cams to 5,000 officers at the beginning and agreed to a "significantly unprofitable contract," contends Dyer, who still views TASER as the "dominant force in the domestic body-worn video market." While he will be watching for downward pressure on future body cam deals, Dyer keeps a Buy rating and $33 price target on TASER shares.
10/03/16
10/03/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netgear (NTGR) downgraded to Hold from Buy at BWS Financial with analyst Hamed Khorsand saying shares are up approximately 100% this year and are being valued as though there could be a continuous purchasing cycle for the latest products Netgear sells, which he does not believe to be the case. 2. TASER (TASR) downgraded to Neutral from Buy at Ladenburg. 3. Citrix (CTXS) downgraded to Sell from Neutral at UBS with analyst Brent Thill saying he believes the next part of the company's transition will be more difficult reflecting the GoTo spin-off; its fastest growing segment. 4. Robert Half (RHI) downgraded to Underperform from Neutral at Credit Suisse with analyst Anjaneya Singh citing fewer catalysts and increased downside risk in a slowing labor market. 5. Noble Corp. (NE) downgraded to Hold from Buy at Societe Generale with analyst Edward Muztafago citing recent share strength and lower earnings from reduced offshore spending. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

LOW

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6.92 (9.30%)

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-2.12 (-4.80%)

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On The Fly: Top stock stories at midday »

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LOW

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AMBA

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ETSY

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TGT

Target

$57.94

-0.8346 (-1.42%)

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Apple

$136.99

0.06 (0.04%)

13:02
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$57.94

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AAPL

Apple

$136.99

0.06 (0.04%)

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CMTL

Comtech

$11.41

-0.37 (-3.14%)

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VRA

Vera Bradley

$10.46

-0.36 (-3.33%)

13:01
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SKLN

Skyline Medical

$1.92

0.07 (3.78%)

12:57
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Technical Analysis
Skyline Medical spikes higher on extremely heavy volume, retraces some gains »

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SKLN

Skyline Medical

$1.92

0.07 (3.78%)

12:52
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KRNT

Kornit Digital

$16.20

-0.55 (-3.28%)

12:50
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Conference/Events
Kornit Digital management to meet with Canaccord »

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TWTR

Twitter

$15.69

-0.085 (-0.54%)

12:49
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WLL

Whiting Petroleum

$11.32

0.47 (4.33%)

12:47
03/01/17
03/01
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Conference/Events
Whiting Petroleum management to meet with Canaccord »

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12:45
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General news
Atlanta Fed's Q1 GDPNow estimate was slashed to 1.8% »

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PNW

Pinnacle West

$82.08

-0.11 (-0.13%)

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APS, group reach consensus rate review agreement »

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ARCC

Ares Capital

$17.75

-0.04 (-0.22%)

12:41
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Ares Capital attracts a large spread trade »

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MMSI

Merit Medical

$30.80

-0.05 (-0.16%)

12:37
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Conference/Events
Merit Medical management to meet with Canaccord »

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MSG

Madison Square Garden

$185.32

5.96 (3.32%)

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PANW

Palo Alto Networks

$118.56

-33.34 (-21.95%)

12:33
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Downgrade
Palo Alto Networks rating change  »

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IBKR

Interactive Brokers

$36.71

-0.98 (-2.60%)

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SQ

Square

$17.38

0.06 (0.35%)

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Square acquires OrderAhead pickup business »

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SWFT

Swift Transportation

$22.13

0.41 (1.89%)

12:31
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Second day of bullish flow in Swift Transportation »

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BLK

BlackRock

$398.84

11.38 (2.94%)

, WETF

WisdomTree

$9.11

-0.21 (-2.25%)

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Labor Department proposes extension of fiduciary rule applicability dates »

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BLK

BlackRock

$398.84

11.38 (2.94%)

WETF

WisdomTree

$9.11

-0.21 (-2.25%)

LM

Legg Mason

$37.70

-0.02 (-0.05%)

IVZ

Invesco

$32.64

0.45 (1.40%)

WDR

Waddell & Reed

$19.66

0.415 (2.16%)

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MCD

McDonald's

$128.07

0.42 (0.33%)

12:26
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McDonald's trades higher following lift of halt »

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MCD

McDonald's

$128.07

0.42 (0.33%)

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Breaking Hot Stocks news story on McDonald's »

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MSFT

Microsoft

$63.98

-0.25 (-0.39%)

, FCN

FTI Consulting

$41.21

0.97 (2.41%)

12:25
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Conference/Events
FTI Consulting co-hosts a webinar with Microsoft »

Webinar entitled,…

MSFT

Microsoft

$63.98

-0.25 (-0.39%)

FCN

FTI Consulting

$41.21

0.97 (2.41%)

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MYL

Mylan

$41.85

-0.59 (-1.39%)

12:25
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Conference/Events
Mylan to host investor day with a conference call hook-up »

CEO Bresch holds an…

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MCD

McDonald's

$128.07

0.42 (0.33%)

12:23
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Breaking Hot Stocks news story on McDonald's »

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ANF

Abercrombie & Fitch

$11.20

-0.565 (-4.80%)

12:21
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Options
Abercrombie puts outpace calls 3:1 as shares fall before earnings »

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