Craig-Hallum bullish on Byrna Technologies, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Byrna Technologies (BYRN) with a Buy rating and $39 price target The firm notes Byrna is an innovative player in the less-lethal weapons market that has grown at a nearly 50% CAGR since 2020. Craig-Hallum sees the recent launch of the new CL product as a major catalyst given higher ASPs and much higher margins. It also cites new distribution channels, including an exclusive partnership with Sportsman’s Warehouse, as driving growth. The use of conservative celebrity influencers has driven excellent LTV to CAC and recent civil unrest typically creates a surge in sales, the firm adds. Byrna is a Rule of 40 stock with rapid growth and excellent leverage on sales gains, Craig-Hallum argues.