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TASER (TASR) Stock Soars on Rating Upgrade

NEW YORK (TheStreet) -- TASER International (TASR - Get Report) stock is up by 9.42% to $18.34 in late afternoon trading on Wednesday, following an upgrade to "buy" from "neutral" at Ladenburg Thalmann this morning.

The firm set a $24 price target on the stock.

Although the company has shown "modest" earnings growth, its free cash flow should lead to roughly $150 million in cash and investments by the end of fiscal 2017, Ladenburg Thalmann's Glenn Mattson said in a note, according to Barron's.

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The stock has declined more than 50% from its June all-time high, likely due to lowered earnings estimates, amid higher operational expenses, and stronger competition regarding police body cameras, Mattson adds, Barron's reports. Though these concerns are "valid," they are now priced into the stock.

Mattson notes that he is not prepared to fully endorse TASER's uptick in overseas spending, as he remains "cautious" about the international video segment's potential, Barron's adds. Even so, he thinks the company will win the London Metro Police contract, which might prompt wider adoption in northern Europe.

Based in Scottsdale, AZ, TASER is engaged in development...