Axon Enterprise stock price target raised to $1,000 by BofA on strong momentum

Investing.com - BofA Securities raised its price target on Axon Enterprise (NASDAQ:AXON) to $1,000 from $895 while maintaining a Buy rating on the stock. The new target sits well above the current analyst consensus range of $664-$940, with the stock recently surging 15.83% in the past week to trade near its 52-week high of $885.91.

The firm cited strengthening momentum across Axon’s business segments as the primary reason for the increased target, which represents a 23x 2026E EV/Sales multiple, up from the previous 21x multiple.

BofA highlighted ongoing benefits from the TASER10 refresh cycle in Axon’s core police markets, along with building momentum for the company’s DraftOne product and AI-Era plan initiatives.

The research note also pointed to accelerating growth in new markets, specifically mentioning digital forensic review (DFR), counter unmanned aircraft systems (C-UAS), and enterprise solutions as contributing factors.

BofA continues to view Axon as a leader in the broader safety market with significant growth potential in both core and emerging market segments.

In other recent news, Axon Enterprise has reported strong second-quarter results, with revenue reaching $668.5 million, marking a 33% increase year-over-year. This figure surpassed the consensus forecast of $641.0 million. The company’s non-GAAP earnings per share also significantly exceeded expectations, coming in at $2.12 compared to the anticipated $1.44. Following these results, several analysts have adjusted their ratings and price targets for Axon. Craig-Hallum upgraded the stock to Buy, citing impressive growth in bookings and Annual Recurring Revenue. TD Cowen increased its price target to $925, noting the company’s strong quarterly performance, which outpaced Wall Street’s revenue growth expectations. Raymond (NSE:RYMD) James also raised its price target to $855, highlighting Axon’s strong performance in new products and an increase in order volume. Additionally, Needham raised its price target to $870, pointing to robust AI bookings as a key factor in the company’s success.

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