AeroVironment (AVAV) PT Lowered to $390 at Jefferies

Jefferies analyst Greg Konrad lowered the price target on AeroVironment (NASDAQ: AVAV) to $390.00 (from $415.00) while maintaining a Buy rating.

The analyst comments "FYQ2 revenue (+21% organic)/bookings (2.9X B2B) trend positive despite temporary headwinds around ERP transition and the shutdown ($15MM of revs, 3 pts) with EBITDA recapture expected by YE on unchanged EBITDA guidance. Robust demand highlighted by $1.4BB of bookings ($3.5BB of awards) and 93% visibility into H2 as task orders convert w/broad demand across Switchblade, UAS, counter UAS along with Space."

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