TD Cowen analyst Andrew Sherman has maintained their bullish stance on AXON stock, giving a Buy rating yesterday.
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Andrew Sherman has given his Buy rating due to a combination of factors that indicate strong future performance for Axon Enterprise. The company is expected to surpass revenue growth estimates, with projections being raised from 27% to approximately 29%. This optimism is supported by a notable increase in sales headcount, which suggests a robust sales strategy and potential for continued growth.
Furthermore, Axon Enterprise is benefiting from strategic initiatives and partnerships, such as its involvement in addressing organized retail crime and advancements in its drone business. The company’s recent performance, including a strong first quarter and promising developments in international markets and state/local budgets, also contribute to a positive outlook. These elements combined suggest that Axon Enterprise is well-positioned for future success, justifying the Buy rating.
Sherman covers the Technology sector, focusing on stocks such as JFrog, Procore Technologies, and ServiceTitan, Inc. Class A. According to TipRanks, Sherman has an average return of 14.3% and a 75.00% success rate on recommended stocks.
In another report released yesterday, Needham also maintained a Buy rating on the stock with a $820.00 price target.