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One stock that’s bucking all macro concerns in 2023, and has been for years, is Taser maker Axon Enterprise . Axon shares are up nearly 30% this year, putting them on track for their eighth consecutive annual gain. Last year, the stock climbed 5.7% — while the S & P 500 dropped 19%. The stock also showed its resiliency last week, eking out a small gain despite the market volatility sparked from a global banking crisis. Even more impressive, the stock posted losses just twice in the past 15 years. That notable streak comes as the company expands beyond its flagship Taser weapon into a suite of offerings including body cameras. This comes at the same time that public accountability of police officers gathers momentum. “What they’ve essentially done is they’ve parlayed a single product, the Taser, into a multiproduct ecosystem family,” said Joshua Reilly, senior analyst at Needham. AXON mountain 2013-03-15 Axon Enterprise shares in past 10 years The company has a confident outlook for its business, saying last month it forecast more than $2 billion in revenue in 2025, or sustained annualized average revenue growth greater than 20%. And, Reilly expects that the latest update to the Taser itself will drive a new upgrade cycle — similar to the ones seen when Apple releases a new iPhone. “It’s a similar dynamic,” Reilly added. “That’s going to help them both replace legacy models of the Taser that are out in the field today, but also expand the opportunity for Taser both domestically and internationally.” Expanding ecosystem Axon has been expanding its business for years as it rolls out an increasingly sophisticated suite of products for law enforcement that includes body cameras, in-vehicle cameras and cloud software solutions. While other smaller firms offer these products, Axon has been snatching up market share as it leverages its relationship with law enforcement. The Taser maker has a customer relationship with roughly 17,000 out 18,000 U.S. law enforcement agencies, according to a note this month from Goldman Sachs . The firm also has dedicated sales representatives for 1,200 for the largest agencies, which represent 70% of law enforcement patrol officers. That body camera is also “extremely important” for Axon amid greater calls for transparency in law enforcement departments, especially as it helps contribute high-quality footage surrounding an incident, Needham’s Reilly said. Axon has quickly expanded sales. Over the past five years, net sales…
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