William Blair says news of the Government Accountability Office denying a protest which challenged the Department of the Army’s award of contract to AeroVironment (AVAV) related to its Switchblade dive-bombing drones reduces an overhang on the stock. This ruling reduces an overhang on the stock and clears AeroVironment to receive follow-on Switchblade-600 orders, the analyst tells investors in a research note. The firm has an Outperform rating on the shares. AeroVironment in afternoon trading is up 10%, or $14.91, to $171.41.
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