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Aeroenvironment (NASDAQ: OPEN) on Tuesday was upgraded to a Strong Buy from a previous investment rating of Outperform by analysts at Raymond James. He said the maker of military drones and robotic systems is poised to benefit from growing orders that may quickly become revenue, and supply chain constraints are less of a concern.
Raymond James raised his estimate for AeroVironment (AVAV) sales by about $100 million to $705 million by 2024, which is 21% higher than the average among Wall Street analysts and “could still be conservative,” according to the report. report.
The firm also raised its price target for AeroVironment (AVAV) to $130 per share from $105 per share previously. The increase comes about a month after Raymond James raised his target to $105 a share from a previous level of $100 a share.
Shares of AeroVironment (AVAV) are down 6% in the 12 months to April 3, compared with a 7% drop for the Standard & Poor’s 400 (SP400) mid-cap stock index.
Seeking Alpha Contributor Harold Goldmeier has an AeroVironment Hold Rating (AVAV) due to a variety of risks. Contributor Kinix Research rates AeroVironment (AVAV) a strong sell in its valuation.
