Canaccord Genuity analyst Ken Herbert reiterated a Buy rating and $80.00 price target on AeroVironment (NASDAQ: AVAV) following the company's 1Q earnings report. AVAV reported revenues of $86.9M, beating consensus by ~2%. Adjusted EPS of $0.74 was substantially better than expected (compared to consensus of $0.36). Herbert believes the strong Q1/20 results provide greater confidence in the full year outlook.

The company’s funded backlog strength and solid first quarter results provide backlog visibility on 75% of the full year topline guidance midpoint ($270M of $360M expected), as of the first quarter, up from visibility of 55% in Q1/19.

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Shares of AeroVironment closed at $52.76 yesterday.