Axon Enterprise (AXON) shares are experiencing an upward trend today, driven by a recent upgrade from Morgan Stanley. The investment firm raised its rating on Axon to Overweight from Equal Weight, citing the potential for artificial intelligence to significantly boost sales of Taser devices and body cameras used in law enforcement. Analysts at Morgan Stanley highlighted that the integration of AI software could lead to a 25% to 30% growth rate, which is likely contributing to the positive sentiment around the stock.
Additionally, the City Council in Meriden, Connecticut, has approved a new five-year contract with Axon, which includes an artificial intelligence program aimed at enhancing police report writing and virtual reality training. This contract, valued at $3,465,347, underscores the growing demand for Axon's innovative solutions in law enforcement, further supporting the stock's momentum.
Axon Enterprise (AXON) shares are up 2.73% to $688.15 as of 3:57 pm on Wednesday, compared to its previous close of $669.87 and 3.16% higher than its opening price of $667.09.