Axon Enterprise, Inc. (AXON) saw its stock plummet 6.74% during intraday trading on Friday. The sharp decline followed a significant rally in the previous session after the company reported strong quarterly results.

The sell-off was driven by notable analyst revisions. Barclays slashed its price target on Axon to $523 from $682, while Morgan Stanley reduced its target to $600 from $675, despite maintaining an Overweight rating on the shares. These downward revisions prompted investors to reassess the stock's near-term valuation.

Additionally, market participants engaged in profit-taking, locking in gains from the prior session's post-earnings surge. This combination of analyst caution and tactical selling pressure led to the pronounced intraday drop.