AAXN - Axon re-ups LAPD contract wins upgrade at Morgan Stanley

Axon (AAXN) +4.3% pre-market after announcing the Los Angeles Police Department renewed its five-year contract and purchased 5,260 TASER 7 energy weapons and 355 Axon Body 3 cameras.With the deal, LAPD now deploys 7,355 Axon body cameras and 7,530 TASER 7 energy weapons, making it the largest energy weapon deployment in the U.S.Axon is upgraded to Overweight from Equal Weight with a $185 price target, raised from $115, at Morgan Stanley, citing faster penetration into new markets."We continue to believe Axon is best positioned to deliver on next-gen software products with a differentiated position as the leading supplier of non-lethal electronic weaponsand body worn cameras," Stanley analyst James Faucette writes."Rapid customer growth and continued innovation coupled with expanding margins and a long runway for growth make Axon a very compelling investment," Matt Hunter writes in a bullish analysis posted recently on Seeking Alpha.

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Axon re-ups LAPD contract, wins upgrade at Morgan Stanley