Jefferies Trims PT on AeroVironment (AVAV) to $26 Following Light Q1 Results

Jefferies trims its price target on AeroVironment, Inc. (Nasdaq: AVAV) from $30 to $26 and affirms its Hold rating following Q1 results reported Tuesday.

Analyst Howard Rubel summarized, On lower than estimated revenues, AVAV reported adjusted FYQ1 EPS of a loss of $0.24 vs. our estimate of ($0.09), and year ago adj. results of ($0.18). Revenues should improve throughout the year supported by contract wins and backlog, but the FY16 profit outlook is challenged due to targeted investments for key growth areas. We reduce our FY16E EPS from $0.25 to $0.00 to reflect Q1's performance and stepped-up R&D.

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

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