Axon price target raised to $585 from $550 at Northland

Northland raised the firm’s price target on Axon (AXON) to $585 from $550 and keeps an Outperform rating on the shares following “solid upside” in Q4 as well as “strong bookings.” Management narrowed the percent of backlog they expect to recognize over the next 12 months to 20%-25% from the normal 15%-25%, reflecting strong visibility from broad-based demand, the analyst tells investors in a post-earnings note.