Aevex Selloff Presents Buying Opportunity Despite GARC Concerns, RBC Says

MT Newswires Live10-22

Aevex's (AVEX) stock decline following reports about a halt in US Navy orders for its Global Autonomous Reconnaissance Craft, or GARC, vessels presents a buying opportunity, RBC Capital Markets said.

The brokerage said in a Wednesday note that it believes reports about the order halt were taken out of context, as BlackSea completed its contractual deliveries of 325 GARC units to the Navy in 2025 and work under the existing contract has transitioned to product enhancements and new mission packages.

Aevex reiterated that there have been no changes to its previously disclosed BlackSea backlog, which includes about $110 million in funded and $250 million in unfunded orders. The GARC contract's total contract value has increased to about $350 million, with the performance period extended through June 2027, RBC said.

The investment firm said it believes the BlackSea portfolio remains well positioned despite increased competition in the unmanned drones and boats market, citing its operational performance and customer relationships. However, investor skepticism over GARC and concerns about replacing Ukraine-related revenue in 2027 could continue to weigh on the stock.

RBC maintained its outperform rating on the stock and lowered its price target to $22 from $26.

Aevex's shares were up nearly 5% in Thursday trading.

Price: 10.13, Change: +0.45, Percent Change: +4.66

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