Why AeroVironment Stock Just Dropped 9%
Shares of unmanned aerial vehicles (UAV) maker AeroVironment (NASDAQ: AVAV) stock are falling out of the sky today, tumbling 8.7% as of 10:35 a.m. EST.
You can blame investment bank William Blair for that.
This morning, analysts at William Blair downgraded AeroVironment stock from "outperform" to "market perform" (i.e., from buy to neutral), as noted in a write-up on StreetInsider.com. AeroVironment, which specializes in a subset of the military UAV market that's designated "small unmanned aerial systems" (SUAS), actually builds many different kinds of drones for the military -- but its best-known and most popular drones are the Raven small surveillance drone and the Switchblade, a small UAV that carries a warhead and attacks targets kamikaze-style.
Source Fool.com
