Skip to main content

Market Overview

Morgan Stanley: Axon Enterprise's Growth 'More Durable' Than Peers

Morgan Stanley: Axon Enterprise's Growth 'More Durable' Than Peers

Axon Enterprise Inc (NASDAQ: AAXN), best-known for providing its non-lethal Taser product and body camera equipment to law enforcement, boasts a growth profile that is "more durable" than its peers, according to Morgan Stanley.

The Axon Enterprise Analyst: James Faucette upgraded Axon from Equal-weight to Overweight with a price target lifted from $115 to $185.

The Axon Thesis: Axon deserves credit for "modernizing public safety," and recent U.S. Federal contract wins suggest the market is growing faster than expected, Fauette said in a Friday upgrade note.

The market may also be larger than previously thought, as demand for nonlethal weapons is growing at a time when public scrutiny around police practices is at its highest levels, the analyst said. 

Related Link: 10 Biggest Price Target Changes For Friday

While Axon is not the only provider of nonlethal weapons, it has operated with "effectively no churn" over the years in both the Taser and body camera business units, he said.

This is likely due to management's focus on innovating better than its rivals and earning trust from customers, Faucette said. 

"We believe Axon is the most likely vendor law enforcement will rely on to answer calls for police reform and protect police actions in light of increasingly common episodes of civil unrest." 

Finally, Axon has many years of growth ahead, as revenue could rise from an estimate of $633 million in fiscal 2020 to $6 billion by 2035, according to Morgan Stanley. 

AAXN Price Action: Shares of Axon Enterprise were trading higher by 0.65% to $150.62 ahead of the close Friday. 

An Axon Taser. Courtesy photo. 

Latest Ratings for AAXN

Feb 2021NeedhamMaintainsBuy
Jan 2021Morgan StanleyUpgradesEqual-WeightOverweight
Dec 2020JMP SecuritiesDowngradesMarket OutperformMarket Perform

View More Analyst Ratings for AAXN
View the Latest Analyst Ratings


Related Articles (AAXN)

View Comments and Join the Discussion!

Posted-In: James Faucette Morgan Stanley police TASERAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga

Latest Ratings

LBCredit SuisseMaintains36.0
TRGPCredit SuisseMaintains40.0
SNOWCredit SuisseMaintains275.0
DARCredit SuisseMaintains95.0
CLRMKM PartnersDowngrades26.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at