Baird analyst Peter Arment downgraded AeroVironment to Neutral from Outperform with an unchanged price target of $161. The analyst cites valuation for the downgrade with the shares up 41% year-to-date and 94% in the past 12 months. The firm remains bullish on AeroVironment’s backlog growth in 2024 with Replicator, Lasso, and large foreign military sales on Switchblade 600 yet to be awarded, but believes the stock is currently fully valued.
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