UPDATE: J.P. Morgan Downgrades TASER International on Valuation
In a report published Wednesday, J.P. Morgan analyst Paul Coster downgraded the rating on TASER International (NASDAQ: TASR) from Overweight to Neutral, but reiterated the $12.00 price target.
In the report, J.P. Morgan noted, “We are downgrading TASR to Neutral based on valuation. The stock has increased 36% in the past two weeks (SP500 down 3.7%), is up over 30% YTD, and is trading very close to our December 2014 price target of $12.00. While we remain constructive regarding TASR's fundamentals owing to the ECD upgrade cycle and adoption of the Evidence.com video solution, we believe risk/reward is now balanced and we look for pullbacks to potentially add to positions. Our estimates and $12.00 price target are unchanged.”
TASER International closed on Tuesday at $11.85.
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