AeroVironment surpassing protest ‘should be well-received,’ says Raymond James

Raymond James analyst Brian Gesuale says the timing of the Government Accountability Office denying a protest on AeroVironment’s (AVAV) $990M indefinite delivery/indefinite quantity award for Switchblades to the U.S. Army is as expected. The timing and result are as expected, and estimates should remain unchanged given the work was progressing during the protest decision, the analyst tells investors in a research note. The firm, however, says the contract is an important component of AeroVironment’s “strong visibility in the out-years, and surpassing this protest hurdle should be well-received.” Raymond James keeps a Market Perform rating on AeroVironment shares, which are up 9% to $171.00 in afternoon trading following the news.