UPDATE: JP Morgan Downgrades TASER International to Neutral on Valuation

JP Morgan reduced its rating on TASER International

from Overweight to Neutral while maintaining its $9 price target. JP Morgan commented, "TASR has increased 50% over the past two months (SP500 down 2.6%) and has reached our $9.00 price target. We continue to believe the X2 upgrade program, customer payment plan, and international expansion present opportunities for upside to estimates; however, we believe significant margin expansion is unlikely. Our estimates and price target are unchanged." TASER International closed at $9.02 on Wednesday.