UAV - AeroVironment upped at RBC on strong Switchblade total addressable market

AeroVironment (NASDAQ:AVAV) +5% in Thursday's trading after RBC Capital raised shares to Outperform from Sector Perform with a $100 price target, up from $95, saying the Switchblade drone has significantly reset the company's investment opportunity at a higher level. While the stock is up 44% since the outbreak of the war in Ukraine, RBC's Ken Herbert said the acceleration in demand for the Switchblade "represents a positive inflection that should be sustained." The announced Switchblade shipments to Ukraine represent ~$50M in revenues, "but with the rapid opening of other international markets, we see further upside as likely," according to Herbert. The analyst believes Switchblade's "total addressable market is comparable to the small unmanned aerial systems market," adding that as a point of reference, sales over the past five years for the SUAS product line to international customers have totaled ~$450M. Baird analysts downgraded AeroVironment (AVAV) last month, saying high levels of

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AeroVironment upped at RBC on strong Switchblade total addressable market