UPDATE: EarlyBirdCapital Downgrades Aerovironment to Hold

EarlyBirdCapital has published a research report on Aerovironment (NASDAQ: AVAV) and has downgraded the company from Buy to Hold due to decreased visibility.

In the report, EarlyBirdCapital writes, "Although some of AVAV's end markets are improving (Electric Transportation Solutions) and some products seem to be gaining momentum (Switchblade), we don't believe that is enough to offset the tough operating environment in defense. To be truly considered a portfolio company as AVAV considers itself, we believe the diversification of the business would need to be greater than it is currently."

EarlyBirdCapital has removed its price target on Aerovironment, which is currently trading down $0.89 from yesterday's $27.10 closing price.