AeroVironment price target lowered to $330 from $400 at Canaccord

Canaccord analyst Austin Moeller lowered the firm’s price target on AeroVironment (AVAV) to $330 from $400 and keeps a Buy rating on the shares.The U.S. Space Force plans to reopen the $1.7B SCAR phased-array antenna program to multiple vendors and shift toward a larger number of smaller, less complex terminals, and while moving away from sole-source is a setback for AeroVironment, higher production volumes under a firm-fixed-price structure could still generate comparable revenue and potentially improved margins, depending on unit quantities awarded, the analyst tells investors in a research note.