UPDATE: Morgan Keegan Lowers PT to $30 on AeroVironment

Morgan Keegan lowers its price target $1 to $30 on Perform-rated AeroVironment (NASDAQ: AVAV) as the company reports 3Q12 results.

Morgan Keegan says, "AeroVironment had a much weaker than expected quarter due to a delay in customer acceptance of a $20 million Raven order. This order has by now been accepted and the delay did not result in any changes in management's expectations for the year. We see some risk to FY 2012 expectations, but are primarily concerned about performance going forward. We continue to see significant risk for the company both the mid term (primarily related to the potential for sequestration) and long term (in particular adoption of EV charging systems and development of new UAS Global Observer and Switchblade)."

AVAV closed at $27.10 a share yesterday.