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Fly News Breaks for August 8, 2018
AAXN
Aug 8, 2018 | 13:30 EDT
Imperial Capital analyst Saliq Khan upgraded Axon Enterprise to Outperform from In-Line and raised his price target for the shares to $62 from $50. The stock in intraday trading is down 11.5%, or $7.77, to $59.85 following the company's Q2 results. Axon's efforts to create an end-to-end public safety platform, from weapons to data and records management, is likely to see continued growth for the next several years, Khan tells investors in a post-earnings research note. He attributes today's selloff to the 100 basis point hit to fiscal 2018 adjusted EBITDA margin as a result of the Vievu acquisition integration, reselling DJI drones at a lower margin, and the increase in operating expenses and investments in the Weapons segment. The analyst the building of a recurring revenue model is key to his long-term optimism on Axon.
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