AeroVironment price target lowered to $390 from $415 at Jefferies

Jefferies analyst Greg Konrad lowered the firm’s price target on AeroVironment (AVAV) to $390 from $415 and keeps a Buy rating on the shares following “solid” Q2 results. The firm believes shares will be led by further conversion of the pipeline which is broad across several programs of record coupled with “strong” international demand. Valuation is supported by revenue growth/contract conversion of the pipeline with an expected positive reaction to orders and the transparency provided to Jefferies baseline 15% revenue growth/25% EBITDA growth over the next several years, the firm told investors.