Jefferies Raises Price Target on AeroVironment (AVAV) to $27 Following EPS Beat

Jefferies reiterated a Hold rating on AeroVironment (NASDAQ: AVAV), and raised the price target to $27.00 (from $26.00), following the company's 4Q earnings report. Revenues of $84.8MM declined 2% year-over-year and were slightly below Jefferies' estimate of $85.7MM due to UAS volumes. However, EPS of $0.23 bet estimates of $0.01.

Analyst Howard Rubel commented, "AVAV reported FY16:Q4 EPS of $0.23 vs. our estimate of $0.01 and year ago EPS of $0.31. Despite missing our revenue estimate by about 1%, better-thanexpected gross margin and lower R&D spending led to the EPS beat. EPS were $0.39 for FY16. We cut our FY2017 EPS estimate $0.05 to $0.45 due to a lower sales estimate. AVAV's initial FY2017 guidance is for EPS of $0.20 to $0.35."

For an analyst ratings summary and ratings history on AeroVironment click here. For more ratings news on AeroVironment click here.

Shares of AeroVironment closed at $28.50 yesterday.

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