By Sam Boughedda
Investing.com — Arizona-based Axon Enterprise Inc (NASDAQ:AXON) shares surged 7.9% Tuesday after the company reported blowout earnings resulting in an upgrade for the stock.
Axon's EPS came in at $1.17, smashing expectations for earnings per share of 27 cents. It also beat on revenue of $232 million compared to the $201.11 million consensus. The revenue number was 39% than the same period last year.
The company, which develops technology and weapons products, reported record bookings of $0.5 billion in the third quarter, up 70% for the year to date, while it raised its 2022 revenue outlook to $1 billion.
Axon shares opened up Tuesday's session at $208.84, after Monday's close at $167.41.
As a result of its positive earnings release, analyst Jeremy Hamblin at Craig-Hallum upgraded the stock to a buy from hold, setting a $232 price target. The analyst told investors he is impressed by the company's ability to grow at least 25%, and he expects Axon to achieve 25% plus in fiscal 2022.
Hamblin also said he sees multiple opportunities for upside potential as momentum builds in international and federal markets.