AeroVironment upgraded to Buy at Jefferies after BlueHalo deal

As previously reported, Jefferies upgraded AeroVironment (AVAV) to Buy from Hold with a price target of $230, down from $240. The complementary all-stock acquisition of BlueHalo rounds out the portfolio and gives AeroVironment “a broad portfolio of defense technology leveraged to positive trends” including unmanned, space, EW, and munition restock, the analyst tells investors. While noting “we could be early given a likely information vacuum pre-close and negative DOGE/Ukraine headlines,” the firm is making what it views as a “fundamental call on the deal yielding a highly scalable defense tech firm applicable to both the customer and investor needs.”