Axon Enterprise upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Mark Strouse upgraded Axon Enterprise to Overweight from Neutral with an unchanged price target of $68. The stock pulled back 16% yesterday following the company's Q3 results and guidance that implies a dip in revenue growth during Q4, Strouse tells investors in a research note. However, the analyst believes the dip in growth is temporary, caused by agency evaluation of the new Taser 7. He thinks Axon's growth should reaccelerate in 2019. The shares are now elow the price of the May secondary offering, despite recent developments that are long-term positives such as the launch of the Taser 7 and Axon Body 3, and new Officer Safety payment plans with enhanced features and premium pricing, says Strouse. He views yesterday's selloff as overdone. Axon closed yesterday down 16%, or $9.38, to $50.70.