AVAV Initiation; Long-Term Winner Despite Near-Term Noise; $250 PT

研报英文原文证据摘录

AVAV Initiation; Long-Term Winner Despite Near-Term Noise; $250 PT

Company Report

June 30, 2026 Aerovironment Inc (AVAV)

Rating: AVAV Initiation; Long-Term Winner Despite Near-Term Noise;OUTPERFORM $250 PTPrice:

$139.00

12-Month Price Target: The Wedbush View

$250.00

We are initiating coverage on AeroVironment (AVAV) with an OUTPERFORM

Analysts rating and $250 price target. AeroVironment is a scaled pure-play on the

Sam Brandeis autonomous, attritable future of warfare, a category-creator in unmanned systems

(212) 222-3005 now expanded into a multi-domain franchise spanning air, land, sea, space,sam.brandeis@wedbush.com and cyber. In our view, the market is undervaluing a combat-proven, diversifiedDan Ives

(212) 344-2073 platform on the right side of the most important procurement reorientation in a

Dan.Ives@wedbush.com generation, and we believe the recent reset tied to the company's restatement,

material-weakness disclosure, and Space Force contract termination has created

an attractive entry into one of the best-positioned names in this next era of defense

Company Information tech.

Market Cap (M) $7,003

Enterprise Value (M) $7,242 AeroVironment's core franchise is built on systems validated in combat, not in

Shares Outst (M) 49.7 slideware. The Switchblade loitering-munition family, along with Puma, Raven, and52-Week Range $135.20 - $417.86

Wasp unmanned aircraft, is fielded at scale and proven in Ukraine, generating

REV (M) in $ structural rather than cyclical demand from the U.S. and allied militaries. As

FYE Dec 2026A 2027E 2028E conflict shifts toward low-cost, attritable, autonomous mass, we view this combat

Q1 Mar 454.7A 512.8E 589.1E validation as a durable moat new entrants cannot replicate on a relevant timeline. Q2 Jun 472.5A 530.6E 606.9E