Axon initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Axon Enterprise with an Equal Weight rating and $230 price target. The analyst believes Axon has multiple growth drivers to maintain 20%-25% annual revenue growth over the coming years. However, this is largely reflected in the stock’s valuation, the analyst tells investors in a research note. The firm says that if Axon more aggressively went after its international opportunity or meaningfully improved its profitability profile, it could turn more positive on the shares.