The sole-source contract Axon Enterprise (NASDAQ: AAXN) just scored from the federal Drug Enforcement Administration (DEA) has a Morgan Stanley analyst saying it could open up a world of opportunity for the maker of Tasers, body cameras, and cloud-based evidence management tools. James Faucette upgraded Axon stock to overweight from equal weight and hiked his target price 60% to $185 per share, a 23% premium to where the company's shares currently trade. Police officers putting on body cameras. Image source: Axon Enterprise. The DEA recently said there was no other provider of body cams for its agents that also offered direct-streaming access to Axon's Evidence.com database system. As a result, it was the only company being considered for a contract that could be valued between $10,000 and $250,000. Faucette says that contract, and a similar one signed with the Bureau of Alcohol, Tobacco, Firearms and Explosives, mean there was a substantial probability Axon would see far greater penetration into "many new market opportunities," and at a faster rate. He foresaw Axon entering into new markets such as corrections and broader areas of public-safety software that thus far have not registered very highly in its business. The analyst says Axon is the single most capable company for delivering next-generation software while also being the leading supplier of less-than-lethal conductive energy weapons (CEW) and body cameras. Axon separately announced that the Los Angeles Police Department has renewed their five-year contract, and purchased 5,260 Taser 7 CEWs and 355 Axon body cameras, bringing the total that the law enforcement agency deploys to 7,530 of the Tasers and 7,355 body cameras. 10 stocks we like better than Axon EnterpriseWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Axon Enterprise wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Axon Enterprise. The Motley Fool has a disclosure policy.Source