Axon price target raised to $485 from $377 at JPMorgan

JPMorgan raised the firm’s price target on Axon (AXON) to $485 from $377 and keeps an Overweight rating on the shares as part of a Q3 earnings preview. While there are no indications of slowing momentum for the public safety companies, the premium valuation at which they trade “is driving anxiety among investors” heading into the earnings reports, with increased scrutiny expected on the results and outlooks, the analyst tells investors in a research note. The firm says that while it shares the concerns on increased scrutiny heading into earnings, it expects both Axon and Motorola to deliver on investor expectations, “which should help alleviate some of the worries surrounding valuation as they provide another quarter justifying the premium at which they trade.”