Early Bird Capital Reiterates Buy, $36 Target on Aerovironment

Early Bird Capital maintains its Buy rating and $36 target price on Aerovironment, Inc.

on F2Q12 results that exceed expectations. Early Bird says, “AVAV reported F2Q12 EPS of $0.30 on revenue of $80.4 million beating our forecast of $0.21 ($0.20 consensus) on revenue of $73.3 million ($75.0 million consensus). Strong performance across the board accounted for the beat. More importantly, in our opinion, as it points to future quarters, funded backlog rose to $116.4 million up from $72.7 million at the end of last quarter ($82.9 million at the end of F2011E).” AVAV closed at $31.88 per share on Tuesday.