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Fly News Breaks for January 6, 2020
AAXN
Jan 6, 2020 | 07:18 EDT
Needham analyst Scott Berg raised his price target for Axon to $80 from $70 after Axon's announcement on Friday that it is suing the FTC over its structure and administrative processes related to the commission's review of its 2018 VIEVU acquisition. Berg tells investors in a research note that while he does not understand the FTC's view on this deal because of its size in a small TAM, he thinks Friday's selloff more than accounts for any potential financial impact caused by a divestiture. While the long-term impact of the proposed settlement is unknown, Berg says he would take advantage of the share weakness as he believes body camera sales are ramping fast and that the acceleration could drive upside to FY20 estimates.
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