Earnings growth and price strength make Axon Enterprise (AXON) one to watch

If you’re a beginner investor, the idea of ​​creating a portfolio from scratch may seem like an impossible goal. That’s why you should start by looking at stocks that are sure to beat the market over the next 12 months, and this strategy has been proven to deliver strong returns.

Now let’s take a look at one unique stock that may be a perfect fit for your portfolio.

Why you should pay attention to Axon Enterprise (AXON)

Axon Enterprise, Inc. based in Scottsdale, Arizona, develops and manufactures firearms for sale to U.S. state and local governments, the U.S. federal government, international government customers and commercial enterprises. Axon’s product portfolio focused on global public safety includes conducted energy devices, body-worn cameras, dash cams, cloud-hosted digital evidence management solutions, productivity software and real-time operational capabilities. The company generates most of its revenues through direct sales, including through an online store. Its body-worn and dashcam markets face intense competition from Motorola Solutions, Panasonic Corp., Reveal Media, Safe Fleet and Digital Ally Inc., among others. The software solutions market is susceptible to competition from, among others: Motorola Solutions, Panasonic Corp., IBM, Oracle, FotoWare and Vidizmo. Geographically, the company has operations in the United States (86% of 2023 net sales) and other international markets (14%). Axon operates in the following two segments

AXON was added to the Zacks Focus List on June 3, 2020 at a price of $97.85 per share. Since then, the stock is up 199.58% to $293.14.

Four analysts have revised their earnings estimates upward in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased by $0.19 to $4.68. AXON also boasts an average earnings surprise of 40.5%.

Additionally, Axon Enterprise’s earnings are expected to grow 13% in the current fiscal year.

Because stock prices react to revisions, buying shares on rising earnings estimates can be very profitable. Focus List stocks like AXON offer investors an excellent opportunity to enter a company that will see future earnings estimates increase, potentially leading to higher prices.

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