AeroVironment price target raised to $300 from $225 at BTIG

BTIG raised the firm’s price target on AeroVironment (AVAV) to $300 from $225 and keeps a Buy rating on the shares after its Q4 results and guidance. The stock fell as investors were initially concerned by total backlog decreasing 32% q/q as unfunded backlog was nearly halved, but upon further investigation, this decline was driven by the consolidation of Army Switchblade purchasing contract vehicles, the analyst tells investors in a research note. The more important funded backlog held relatively stable despite record quarterly sales, which drove the strong positive market reaction as investors were once again reminded of ramping demand even in the face of record-setting sales, the firm added.