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 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.