Piper Sandler cuts Aevex price target to $13 amid Navy GARC contract concerns
Piper Sandler lowered its price target for Aevex Corp (AVEX) from $20 to $13 while keeping a Neutral rating. The revision follows a Bloomberg report that the U.S. Navy has paused purchases of the Global Autonomous Reconnaissance Craft (GARC) due to alleged performance problems. Aevex responded after market close, saying the report contained errors and that it still holds a Navy contract to support the deployed GARC systems. The stock dropped about 33% to $9.92 after the announcement.
Why it matters
The reduced target and rating signal heightened analyst caution, which may pressure the share price further. Investors should note the potential revenue impact if the Navy suspension becomes permanent, as the company’s 2025 delivery of roughly 325 GARC units represents a significant portion of its defense sales.
Key facts
- 1Piper Sandler cut the price target to $13 from $20 and kept a Neutral rating on AVEX. investing.com
- 2Shares fell approximately 33% to $9.92 after the price‑target cut. investing.com
- 3Aevex said the article contained inaccuracies and that it still holds a Navy contract to support the deployed GARC systems. investing.com
- 4The company delivered about 325 GARC units in 2025. investing.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.