Axon Enterprise, Inc. (AXON) is experiencing a premarket boost following an upgrade from Morgan Stanley. On December 3, 2024, Morgan Stanley analysts elevated Axon's rating to Overweight from Equal Weight, citing the company's potential for growth driven by its advancements in artificial intelligence. The financial-services firm highlighted Axon's position as a leading provider of Taser devices and body cameras for law enforcement, suggesting that AI could significantly expand its total addressable market.
Additionally, Axon announced a significant deployment of its body cameras by Loomis US, a leader in cash distribution. As of December 3, 2024, Loomis is equipping over 2,000 of its vehicle armored service technicians with Axon Body 4 cameras. This initiative aims to enhance safety and transparency, with early trials showing increased client visibility and reduced claim errors. The deployment also includes licenses to Axon's digital management system, Axon Evidence, which will aid in real-time situational awareness and seamless evidence sharing with law enforcement.
Axon shares are up 2% in premarket trading, reaching $649.14 as of 9:22 am on December 3, 2024, compared to the previous close of $636.39.