Fly News Breaks for October 16, 2019
Oct 16, 2019 | 05:00 EDT
Piper Jaffray analyst Troy Jensen upgraded AeroVironment to Overweight from Neutral with a price target of $76, up from $66. The stock closed Tuesday down 10c to $57.06. The recent pullback in the shares has created a more compelling entry point, Jensen tells investors in a research note. The analyst continues to believe AeroVironment will benefit as U.S. defense budgets shift more toward unmanned aircraft. Further, the company's international defense sales should grow even faster than domestic sales, given its recent focus on international expansion, adds Jensen. He says AeroVironment has "solid visibility" for the remainder of fiscal 2020 with 75% of its guidance already booked or in backlog.
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