Axon downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Paul Chung downgraded Axon to Neutral from Overweight with a $224 price target. The analyst cites valuation for the downgrade and remains positive on the name longer term. Axon’s strong position in a large addressable market, revenue growth momentum of 20% and favorable government funding environment could provide upside to estimates over time and command a premium multiple relative to industrial tech peers, the analyst tells investors in a research note. However, the firm now expects Axon to perform in line with its coverage universe over the next six to twelve months.