Axon rated Buy with 33% upside on strong Q1 growth and $14.3B bookings despite stock drop.

Axon (AXON) is rated Buy with a $515 price target, suggesting 33% upside from current levels. Despite a stock price drop of over 50% since October 2025, Axon reported strong fundamentals including 34% revenue growth in Q1 2026, over 700% growth in AI products, and 300% growth in counter-drone technology. The company maintains a net revenue retention rate of 125% and has future contracted bookings of $14.3 billion, reaffirming its 30-32% growth guidance. These factors provide multi-year visibility and resilience, supported by Axon's integrated hardware platform and regulatory compliance, which create durable competitive advantages against AI commoditization fears.