The firm said the taser maker deserves its premium valuation even with the stock up more than 33% this year.
It's time to buy Axon Enterprise , Goldman Sachs said. Analyst Michael Ng initiated coverage of the stock with a buy rating, saying Axon's longstanding ties to state and local police will drive demand for the company's stun gun and other less-lethal products. The analyst said this comes amid greater calls for accountability in public safety.
The taser maker stock was slightly higher in Wednesday premarket trading. Amid growing calls for oversight of law enforcement, the analyst noted Axon should easily step in to meet greater demand for sensors such as body cameras, given its customer relationship with roughly 17,000 out 18,000 U.S. law enforcement agencies. The firm has dedicated sales representatives for 1,200 for the largest agencies representing 70% of law enforcement patrol officers, according to the note.
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