UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on AeroVironment on Cloudy Outlook

In a report published Wednesday, Jefferies reiterated its Hold rating on AeroVironment

, but lowered its price target from $25.00 to $20.00. Jefferies noted, “AVAV reported EPS of $0.17 vs. $0.26 a year ago and our estimate of $0.42. Ex a favorable tax rate due to the R&D tax credit, the company lost $853,000, or roughly $0.04. The outlook is clouded by government order delays. With one quarter remaining in its fiscal year, the company lowered revenue guidance by $119MM at the midpoint to $230MM to $250MM.” AeroVironment closed on Tuesday at $21.69.