William Blair keeps an Outperform rating on AeroVironment after the U.S. Army on Friday announced the company received a fully funded $65M Switchblade foreign military sales order. The order is likely from Lithuania and incremental to AeroVironment’s 2024 guidance, the analyst tells investors in a research note. The firm says media reports have suggested that Lithuania and Taiwan are interested in procuring AeroVironment’s Switchblade in 2024 and that the dollar amount generally matches Lithuania’s proposed order. Blair believes the timing of the order is a positive surprise, saying the U.S. defense budget is in a continuing resolution.
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