AeroVironment, Inc. (AVAV) Earnings Estimate Lowered

Analysts at Broadpoint AmTech have released an update on AeroVironment, Inc. (NASDAQ: AVAV). The procurement for the company’s Raven UAS in the DoD’s budget for FY11 is $82 million, which is below analysts’ expectations.

Analysts have adjusted estimates to reflect the new Raven funding. Analysts have lowered EPS estimate for FY11 by $0.30 to $1.25. The FY12 EPS estimate has been lowered by $0.35 to $1.45.

According to analysts, the company’s product development, with SwitchBlade, Global Observer, and EV charging continues unabated.

However, the price target for the company has been lowered by $6 to $35 to reflect the near-term funding issues. Analysts at Broadpoint AmTech have a Buy rating for AeroVironment, Inc.