Analyst Joshua Reilly of Needham maintained a Buy rating on Axon Enterprise, retaining the price target of $870.00.
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Joshua Reilly has given his Buy rating due to a combination of factors surrounding Axon Enterprise’s strategic acquisition of Prepared. This move is seen as a significant expansion into the 911 call analytics sector, which presents a substantial opportunity for Axon to enhance its return on investment by not only reducing financial costs but also potentially saving lives.
Reilly highlights the potential for Axon to re-enter the CAD 911 market, a challenging area within application software, following the closure of their previous product. The acquisition, expected to finalize in early Q4, positions Axon to capitalize on this complex market, which many companies have struggled to penetrate effectively. This strategic positioning underpins Reilly’s optimistic outlook and Buy rating for Axon’s stock.
In another report released yesterday, Piper Sandler also initiated coverage with a Buy rating on the stock with a $893.00 price target.