Axon price target lowered to $713 from $760 at Morgan Stanley

Morgan Stanley analyst Meta Marshall lowered the firm’s price target on Axon (AXON) to $713 from $760 and keeps an Overweight rating on the shares. The AI trade broadened out from semi names in 2025, helping infrastructure names, particularly within optical, notes the analyst, who believes that trade can continue, particularly in optical, through the first half of 2026. However, investors will “need to get more selective for full year returns given multiples,” the analyst added in a year-ahead note on the group.