Piper Sandler lowered the firm’s price target on AeroVironment (AVAV) to $290 from $391 and keeps an Overweight rating on the shares. The firm notes that yesterday, Space News published an article reporting the U.S. Space Force would be reopening the SCAR program for competition after previously awarding a sole-source contract to BlueHalo for $1.7B. This comes about 6 weeks after announcement of a stop work order on the program in order to redefine the specifications and ensure the product achieved agency needs without unnecessary cost. While Piper does not have confirmation on the change, it believes BADGER risks are rising and is lowering its estimates and price target as a result.
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