BTIG analyst Andre Madrid lowered the firm’s price target on AeroVironment (AVAV) to $330 from $415 and keeps a Buy rating on the shares. The stock’s selloff after Q3 results is attributed less to SCAR termination and more to weakness in the services-overweight Cyber & Mission Systems business, the analyst tells investors in a research note. Investors are also questioning the fit of lower-growth, margin-dilutive legacy BlueHalo assets in a historically product-led company, BTIG adds.
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