UPDATE: Benchmark Lowers PT on AeroVironment on Lowered FY13 Guidance

In a report published Wednesday, Benchmark Company reiterated its Buy rating on AeroVironment

, but lowered its price target from $38.00 to $24.00. Benchmark noted, “AV reported a significantly weaker than expected Q3 and lowered guidance. Sales and EPS were $471 million and $0.17 vs. consensus estimates of $89 million and $0.37. The shortfall was due to delays in government procurements. Per our earnings preview in late February, we were concerned about the quarter and guidance revision. The company reported Small UAS sales of $37.6 million, down 34% y/y, from lower Raven DDL retrofit, mission services, and lower Puma deliveries. EES sales were $9.4 million, down 36% y/y, from all three product lines.” AeroVironment closed on Tuesday at $21.69.