BTIG keeps a Buy rating and $245 price target on AeroVironment while noting that the stock’s 10% decline on Monday due to the protest filed with the U.S. Government Accountability Office challenging the company’s recently awarded $990M IDIQ contract for the U.S. Army was “overdone”. Protests are not uncommon, but rarely result in a contract being stripped from the recipient, the analyst tells investors in a research note, further citing AeroVironment’s track record.
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