Axon Enterprise (AXON) is offering an "attractive" entry point following a recent stock decline with the broader software sector, RBC Capital Markets said in a Monday note.

The note said the firm, growing revenue 25% to 30% annually, is benefiting from stable public safety end-markets, visible recurring revenue, and an expanding product ecosystem.

"Growth drivers include expansion into emerging verticals, drone adoption, Axon 911, and bundled offerings supporting bookings growth," the report said.

The note pointed to its hardware driven funnel of proprietary data, reinforcing networks effects across its end-to-end platform serving law enforcement, prosecutors, and command centers.

RBC kept its outperform rating and a $860 price target.

Price: 452.70, Change: +18.93, Percent Change: +4.36