Raymond James raises Axon price target to $645, sees entry point

Raymond James raised the firm’s price target on Axon (AXON) to $645 from $515 and keeps an Outperform rating on the shares. Axon shares were up 130% in 2024, though shares have conceded roughly 20% of its equity value in the last month, most likely catalyzed by profit taking, valuation, and some fear that the expectations for Q4 results and 2025 guidance could prove to be a difficult “encore to the chorus” of strong results over the past couple years, the analyst tells investors in a research note. The firm sees this an entry point for a story that is accelerating its mix to software, increasing its AI mix, and sees a set of positive estimate revisions when the Q4 print hits the tape.