KeyBanc lowered the firm’s price target on AeroVironment (AVAV) to $295 from $330 and keeps an Overweight rating on the shares. Post AeroVironment’s Q3 earnings/the firm’s analysis, KeyBanc adjusts estimates. The firm cites recent changes to the SCAR program and timing in contract awards for the price target decrease. KeyBanc maintains that AeroVironment is positioned to capitalize on the proliferation of UAS/cUAS and increased government spending in defense and space-related programs. Should the conflict in Iran intensify, AeroVironment is positioned as one of the top beneficiaries, in KeyBanc’s view.
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