Jefferies Cuts Numbers on AeroVironment (AVAV) after Q3

Jefferies cuts estimates and its price target on Hold-rated AeroVironment (NASDAQ: AVAV) from $29 to $25 following Q3 revenues of $72 million versus their estimate of $95 million.

The firm comments, "The delivery of about $20MM of Puma and Raven systems slipped to Q4. Although there are opportunities for new product acceptance and growth in the Electric Vehicle market, we remain cautious. Our rating remains HOLD."

Q4 EPS goes up from $0.56 to $0.64, FY12 goes down from $1.30 to $1.20 and FY13 goes down from $1.50 to $1.25.

For an analyst ratings summary and ratings history on AeroVironment click here. For more ratings news on AeroVironment click here.

Shares of AeroVironment closed at $27.10 yesterday.

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