Why AeroVironment Stock Dropped 5% Today

Defense stocks shouldn't cost this much.AeroVironment (AVAV -8.57%) stock fell 5.1% through 10:10 a.m. ET Tuesday after investment bank Jefferies lowered its rating on the manufacturer of military drone aircraft.Reports indicate that Jefferies analyst Greg Konrad downgraded AeroVironment stock from buy to hold primarily on valuation concerns, citing the stock's 87% increase in share price so far this year. The effect of the "post-Trump bump"Konrad sees "improving fundamentals" driving AeroVironment's gains ...