AeroVironment (AVAV) shares are surging 5.07% in pre-market trading on Wednesday, following the company's release of its fourth-quarter earnings and subsequent analyst upgrades. The drone manufacturer's stock is reacting positively to what appears to be a strong financial performance and increasing confidence from Wall Street.
The company reported its Q4 results after the market close on Tuesday, with AeroVironment describing the quarter as delivering "record revenue and strategic growth." While specific details were not provided in the available news, the market's reaction suggests that the results likely exceeded expectations.
Adding fuel to the stock's rise, multiple analysts have raised their price targets for AeroVironment. RBC Capital Markets increased its target price to $200 from $190, while Raymond James took a more bullish stance, lifting its price target to $225 from $200 and maintaining a Strong Buy rating. According to FactSet, the average analyst rating for AVAV is Buy, with a mean price target of $209.71, indicating further upside potential from current levels.
The combination of strong earnings and positive analyst sentiment is driving investor enthusiasm for AeroVironment, as reflected in the significant pre-market stock movement. As the market opens, investors will be watching closely to see if this upward momentum continues throughout the trading session.
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