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AeroVironment (NASDAQ:AVAV) -9.9% in Wednesday’s trading after missing estimates on FQ4 adjusted earnings and issuing below-consensus guidance for FY 2023 earnings.
The company foresees FY 2023 adjusted EPS of $1.35-$1.65, below $1.75 analyst consensus estimate, on revenues of $490M-$520M, in line with $513M consensus.
AeroVironment (AVAV) faces continued pressure from supply chain snags, which represent a significant headwind for revenue, while its full-year guidance was “relatively soft,” RBC Capital analyst Ken Herbert said, Bloomberg reports.
But Herbert maintained his Outperform rating and $100 price target, as the demand outlook across the company’s portfolio remains strong and the TMS product lines provides a potential upside opportunity.
AeroVironment (AVAV) shares have gained 17% YTD but declined 33% over the past year.
