UPDATE: Jefferies Raises PT on AeroVironment to $28

Jefferies is out with its report today on AeroVironment AVAV, raising its PT from $24 to $28. In a note to clients, Jefferies writes, "$28 PT values AVAV at 16x our FY12 EPS est plus roughly $8 p/sh cash & investments. Premium over its peers reflects AVAV's attractive LT growth potential, offset by uncertainties facing AVAV's newer programs and technologies over intermediate-term." Jefferies maintains Hold on AVAV. At the time of posting, shares of AVAV were trading pre-market at $31.93, up 11.60% from Tuesday's close.