AAXN - Digital Ally: Product Innovation And Industry Tailwinds Could Yield 400% Upside

• We believe that DGLY's stock has ~200% to ~400% upside, as consensus sales estimates for 2021 could rise in excess of 350% from current levels.
• DGLY's product innovation excelled in 2020 after years of stagnancy, and Q3 2020 marked a major inflection point for the company despite continued COVID-19 related headwinds.
• As the economy opens up, pent-up demand for DGLY's law enforcement, screening and disinfectant products will result in a surge in new orders.
• Legislative momentum and increasing budgetary allocations for solutions that increase law enforcement accountability will be a major theme in 2021; we believe that DGLY is optimally positioned to capitalize on these tailwinds.

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