Axon Enterprise Stock: Is Wall Street Bullish or Bearish?

Axon Enterprise, Inc. (AXON), a Scottsdale-based provider of public safety technology solutions, operates in the Software and Services and Connected Devices segments. The company's market cap stands at $49.3 billion, with its stock lagging behind the broader market over the past year, declining by 21% compared to the S&P 500 Index's 18.7% surge. In 2026, AXON's stock grew nearly 7%, underperforming the S&P 500's 12.1% rise.

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The State Street Industrials Select Sector SPDR ETF (XLI) has outperformed AXON stock over the past year, with XLI rising 17.7% compared to AXON's slump. AXON's Q2 2026 earnings report, released on Aug. 6, disappointed investors, with revenue of $904.4 million surpassing forecasts. However, the adjusted EPS fell to $1.88, a significant drop from the previous quarter's $2.30 and below Wall Street's estimates. This subpar performance led to a 14.3% stock decline.

Despite missing the mark on free cash flow for the quarter, AXON's adjusted EPS still outperformed its predecessor's EPS. For 2026, analysts anticipate a 63.2% increase in AXON's EPS to $2.04 on a diluted basis. The stock's consensus rating is a Strong Buy, based on 14 Strong Buy ratings from 205 analysts, four Moderate Buys, and two Holds. This positive outlook has become more cautious in recent months, with the stock now holding 14 Strong Buy ratings, down from 15 three months ago.

Barclays analyst Tim Long recently maintained a Buy rating for AXON stock and set a target price of $688, representing a 16.5% upside compared to the current market price. The Street's highest target for AXON stock is $830, implying a 36.6% upside from its current level. As of the publication date, Aritra Gangopadhyay disclosed no positions in the mentioned securities.