Axon Enterprise

AXON · NASDAQ

$392.64+$9.55 (+2.49%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $383.09

AXON analyst rating

BuyConsensus of 12 analysts over the last 12 months. 92% rate it a buy.

Strong buy0
Buy11
Hold1
Underperform0
Sell0

12-month price target · 22 analysts

Average $715.43 (+82.2% upside)

Low: $446.73
Now: $392.64
High: $871.50

Upgrades and downgrades

The latest rating actions, newest first

AXON analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 20, 2026	Maintains	Overweight	$732.00 → $561.00	51%
Argus Research	Sep 3, 2026	Maintains	Buy	$460.00 → $600.00	55%
UBS	Aug 6, 2026	Maintains	Neutral	$440.00 → $600.00	73%
Morgan Stanley	Aug 6, 2026	Maintains	Overweight	$600.00 → $640.00	62%
Piper Sandler	Aug 6, 2026	Maintains	Overweight	$724.00 → $732.00	51%
Barclays	Aug 6, 2026	Maintains	Overweight	$523.00 → $688.00	58%
Piper Sandler	Jul 13, 2026	Maintains	Overweight	$674.00 → $724.00	51%
Needham	Jul 6, 2026	Maintains	Buy	$600.00 → $750.00	51%
Citizens	Jun 25, 2026	Maintains	Market Outperform	$700.00	68%
Barclays	May 8, 2026	Maintains	Overweight	$682.00 → $523.00	58%

The case for and against

Updated Oct 14, 2026

Bull case

Axon Enterprise is well positioned because its platform is broadening across AI, 911 dispatch, drones, and counter-drone systems, creating multiple growth vectors that fit different agency policies and adoption curves. Its fundamentals remain compelling, with management expecting a revenue CAGR of 29% through FY28, about 28% adjusted EBITDA margin by FY28, and net revenue retention of 125% in F1Q26, supported by a $159B TAM and a strong recurring-revenue mix. Customer validation, a $14.3B contracted backlog, 44% backlog growth, and 75% bookings growth show durable demand, while dominant U.S. public-safety leadership and expanding enterprise and international wins reinforce a long runway.

Bear case

Axon Enterprise is viewed negatively because, despite strong F1Q26 execution, the stock has already fallen about 32% YTD, signaling that investor sentiment remains weak and expectations may be harder to sustain. While revenue of $807.3M rose 34% y/y and adjusted EBITDA of $201.6M increased 30% y/y, the business still depends heavily on a concentrated customer base and about four-fifths of revenue from the US, limiting diversification. Valuation concerns also weigh on the outlook, as the multiple is being lowered on lower comps even though international revenue grew more than 100% y/y to 20% of quarterly sales.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.