RBC Capital analyst Ken Herbert keeps an Outperform rating and $115 price target on AeroVironment after its Q4 results and initial FY24 guidance. The company posted strong backlog growth and now has approval to export the Switchblade system to about 50 countries, the analyst tells investors in a research note. The firm also believes that AeroVironment’s FY24 revenue guide of about $645M is “conservative” and that the management offset the negative sentiment around AeroVironment not being selected to proceed further with increment 2 of FTUAS – Future Tactical Unmanned Aircraft System.
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