After AeroVironment filed an 8-K disclosing that the U.S. Army has lifted the stop work order on the Army’s $990M Switchblade ID/IQ award, which includes initial funding of $128M, Jefferies analyst Greg Konrad notes that a protest that had been filed over the award is ongoing, with an expected decision no later than December 16. The firm, which believes the lifting of the stop work order “points to the importance of loitering munitions and the immediacy of demand,” has a Buy rating and $230 price target on AeroVironment shares.
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