TD Cowen analyst Andrew Sherman reiterated a Buy rating on Axon Enterprise yesterday and set a price target of $925.00.
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Andrew Sherman has given his Buy rating due to a combination of factors including Axon Enterprise’s impressive revenue growth and strong bookings performance. The company reported a revenue growth of 33%, surpassing market expectations, and raised its future guidance, indicating confidence in continued growth. Notably, bookings increased by 46%, driven by the largest deal in the company’s history and a significant adoption of their AI Era plan, which contributed $150 million in bookings.
Additionally, international revenues saw a substantial increase, and the demand for TASER 10 remains robust, prompting management to increase capital expenditure guidance to expand capacity. The company is also making strides in newer markets, such as corrections, with positive momentum. Sherman’s analysis suggests that Axon’s guidance is conservative, presenting strong upside potential, which supports the Buy rating and the increase in the price target from $825 to $925.
According to TipRanks, Sherman is a 4-star analyst with an average return of 9.1% and a 62.30% success rate. Sherman covers the Technology sector, focusing on stocks such as JFrog, PagerDuty, and Datadog.
In another report released yesterday, Barclays also maintained a Buy rating on the stock with a $735.00 price target.