UPDATE: JP Morgan Upgrades TASER International to Overweight on Cycle Momentum, Pullback
JP Morgan upgraded TASER International (NASDAQ: TASR) from Neutral to Overweight and maintained a $10.50 price target.
JP Morgan noted, "TASR reported solid 4Q revenue growth of 50% y/y, beating expectations. EPS beat our estimates by $0.03 adjusting for one-time items. The stock sold off yesterday (down 20% vs. SP500 down 0.6%) owing to guidance that SG&A expense will increase ~10% in FY13, somewhat limiting EPS leverage from the solid revenue momentum. That said, we believe the investments, largely in telesales and international sales headcount, can be scaled back if the initiatives don't generate the expected sales growth. … Additionally, TASR's first Analyst Day on March 12 could present a catalyst as the company is expected to discuss its long-term target operating model."
TASER International closed at $6.90 on Thursday.
Latest Ratings for TASR
|Sep 2014||JP Morgan||Maintains||Overweight|
|Sep 2014||Ladenburg Thalmann||Initiates Coverage on||Buy|
|Aug 2014||Dougherty & Company||Upgrades||Neutral||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.