Canaccord lowered the firm’s price target on AeroVironment (AVAV) to $330 from $400 and keeps a Buy rating on the shares. The firm noted the US Space Force announced that it is now planning to open up the SCAR phase array, flat panel antenna program to competition from additional vendors. While the decision to move from sole-source to multiple vendors is a letdown for AeroVironment following its $4.1B acquisition of BlueHalo, it is not particularly surprising given that this is the acquisition strategy that the Pentagon is now applying to most programs.
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