AeroVironment backdrop remains robust, says BTIG

BTIG keeps a Buy rating and $245 price target on AeroVironment (AVAV) after its Q2 results. The stock fell over 7% due to weaker profits and higher operating expenses, but the backdrop for the company remains robust as AeroVironment moves into the second half of the year, with 95% visibility to the FY5 sales range, the analyst tells investors in a research note. The firm adds that it still expects stronger Loitering Munitions Systems – LMS – growth driven by recent domestic and international orders, which should more than offset lost Ukraine sales.