TD Cowen Reaffirms Buy on Axon (AXON) Ahead of Earnings, Sees 29% Full-Year Growth

Axon Enterprise, Inc. (NASDAQ:AXON) ranks among the best growth stocks to buy for the next 10 years. Ahead of the company’s August 4 earnings report, TD Cowen maintained its Buy rating on Axon Enterprise, Inc. (NASDAQ:AXON) and increased its price target from $800 to $825 on July 26. The firm expects Axon Enterprise, Inc. (NASDAQ:AXON) to outperform TD Cowen’s projected 28% revenue growth for the upcoming quarter. Additionally, it raised its full-year growth estimate from 27% to roughly 29% at the midpoint mark.

Following a 15% decline from recent highs, TD Cowen’s sales headcount tracker indicates a favorable rebound for Axon, and the firm considers the current entry point to be appealing. Even now, the stock remains TD Cowen’s top pick in the sector. Notably, TD Cowen has employed Axon’s artificial intelligence product cycle, robust competitive moat, durable end markets, and high growth profile to support the company’s premium valuation.

Axon Enterprise, Inc. (NASDAQ:AXON) is a prominent provider of law enforcement technology solutions, including less-lethal weaponry, body cameras, and cloud-based software. The company’s target market is law enforcement agencies in the United States and beyond.

While we acknowledge the potential of AXON to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AXON and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.