AeroVironment shares fell to a new 52-week low of $148.27 on Tuesday.
The stock hit this level after closing at $151.33 the previous day.
BTIG Research cut its price target for the unmanned aircraft maker to $205 from $330.
This revision represents a nearly 38% reduction in the firm's valuation.
BTIG maintained its Buy rating on the stock despite the lower target.
Several other analysts have also recently lowered their price targets for the company.
The consensus rating among analysts remains a Moderate Buy.