As previously reported, Craig-Hallum analyst Steve Dyer downgraded Axon to Hold from Buy and raised his price target on the shares to $62 from $55. The analyst acknowledges that the company continues to do a "solid job" executing against several goals laid out at last November's Analyst Day and continues to impressively expand a TAM that was once considered a niche, but revenue growth is slowing and 2H18 will potentially mark the slowest rate since 2011. Further, he believes the 155% year to date move in the stock likely captures near-term momentum and puts the stock at a level where risk/reward is more appropriately balanced.