15 AI News That Broke The Internet

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9. Axon Enterprise, Inc. (NASDAQ:AXON)

Number of Hedge Fund Holders: 46

Axon Enterprise, Inc. (NASDAQ:AXON) develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand and boasts a strong suite of AI-powered products such as Axon Auto-Transcribe and Draft One. On December 3, Morgan Stanley analyst Meta Marshall upgraded Axon Enterprise, Inc. (NASDAQ:AXON) to “Overweight” from Equal Weight with a price target of $700, up from $500.

The firm is positive about Axon’s strong growth driven by expanding its software portfolio and adoption of artificial intelligence solutions. The company’s 25-30% revenue growth is becoming more durable over the long term considering the adoption of its higher-priced software bundles, and new offerings like drones and license plate readers. The company’s total addressable market (TAM) of $77 billion remains largely untapped, with Axon’s AI product, Draft One, raking in a $100 million pipeline just three months after its launch.

“We are more willing to ascribe value to AI portfolio pulling through other products, which could lead to additional valuation upside”.

-Morgan Stanley

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