J.P. Morgan Downgrading TASER International Inc.
J.P. Morgan Chase & Co. is downgrading shares of TASER International Inc. (NASDAQ: TASR) to Underweight from Neutral, and it has a $5 price target on shares.
In a note to clients, J.P. Morgan writes, "We are downgrading TASR to Underweight from Neutral on valuation and what we view as a lack of catalysts. There is no change to our estimates, and we remain constructive regarding the firm's long-term prospects, so we do not view this as a good stock to short. That said, municipal budgets remain constrained, adoption of the Axon/Evidence.com product is taking longer than we anticipated, and we see limited upside leverage in this business model in the next 18 months. Our December 2011 price target remains $5.00."
Shares of TASR gained 5 cents on Friday to close at $4.65.
