Axon downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Axon to Outperform from Strong Buy with a $223 price target. Shares are up 130% from their lows in May 2022, and while execution has been nearly flawless during this period, the inevitability of mean reversion vs. other software stocks, decelerating growth off of a larger base and less room for multiple expansion leave the firm searching for a near-term positive catalyst, the analyst tells investors in a research note. TASER 10 could create some near-term topline and margin choppiness before it earns a spot as a flagship product, the firm adds.