UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on AeroVironment

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

, but lowered its price target from $27.00 to $25.00. Jefferies noted, “AVAV reported Q2:FY13 revenues of $80.3MM vs. our estimate of $79MM and $80.4MMM a year ago. Despite flat revenues, EPS of $0.39 was up 32% due to better profitability in the UAS and EES segments. A higher proportion of product sales and control of the cost structure drove the results.” AeroVironment closed on Tuesday at $20.26.