NEW YORK (TheStreet) -- Shares of TASER International (TASR) are plunging, down 5.52% to $23.45 in early market trading Monday, after the developer of electronic weapons and wearable cameras for police officers had its rating lowered to "neutral" from "buy" by analysts at Ladenburg Thalmann this morning.
The firm removed its $24 price target on shares, and cited valuation for its downgrade.
Last Thursday, TASER announced "multiple large orders" of its AOXN body worn video cameras and EVIDENCE.com solution, which are both expected to ship in the fourth quarter of 2014.
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Scottsdale, AZ-based TASER develops, manufactures and sells electronic control devices designed for use in the law enforcement, military, corrections, private security and personal defense markets.
Separately, TheStreet Ratings team rates TASER INTERNATIONAL INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TASER INTERNATIONAL INC (TASR) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."