Axon price target raised to $695 from $635 at Morgan Stanley

Morgan Stanley analyst Meta Marshall raised the firm’s price target on Axon (AXON) to $695 from $635 and keeps an Overweight rating on the shares. Axon posted non-GAAP revenue and EBITDA growth in Q1 that was better than expected, with the beat driven by both Software and Services, the analyst tells investors. The company also remains upbeat on bookings trajectory, which gives the firm confidence that growth can be maintained and leaves it arguing that a premium valuation is warranted given continued execution on growth and Axon’s competitive positioning.