AeroVironment Inc. (AVAV) is set to report second-quarter earnings after markets close on Tuesday, December 9, and expectations are running high for the Arlington, Virginia-based drone manufacturer.

Wall Street analysts are forecasting quarterly earnings of 79 cents per share, a healthy jump from 47 cents per share in the same quarter last year. But the real story is on the revenue side, where the consensus estimate sits at $465.63 million compared to just $188.46 million a year earlier. That's more than doubling year-over-year, which tells you something about the demand environment for military drone technology right now.

Timing couldn't be better for some positive news heading into the earnings call. On Monday, AeroVironment announced it landed a $874 million five-year IDIQ contract with the U.S. Army to supply unmanned aerial systems and counter-UAS technology for foreign military sales. That's the kind of contract that validates the growth trajectory analysts have been modeling.

The stock responded accordingly, rising 1.5% on Monday to close at $282.47.

What the Most Accurate Analysts Are Saying

Here's where things get interesting. Several analysts with proven track records have updated their views on AeroVironment recently, and their accuracy rates matter when you're trying to separate signal from noise.

RBC Capital analyst Kevin Liu maintained an Outperform rating on December 8 but trimmed his price target from $440 down to $400. Liu carries a 64% accuracy rate, so while he's still bullish, that target reduction is worth noting.

BTIG analyst Andre Madrid, who has a 70% accuracy rate, maintained a Buy rating with a $415 price target on November 24. That's the highest target among this group of analysts.

JMP Securities analyst Trevor Walsh maintained a Market Outperform rating and boosted his price target from $325 to $400 on October 3. Walsh has an 87% accuracy rate, making him one of the most reliable voices covering the stock.

Baird analyst Peter Arment, with an 85% accuracy rate, maintained an Outperform rating and raised his target from $267 to $350 on October 1. That's a significant upward revision that happened just ahead of this recent contract announcement.

Raymond James analyst Brian Gesuale rounds out the group with a Strong Buy rating and a price target increase from $300 to $348 on September 29. Gesuale has a 75% accuracy rate.

The pattern here is pretty clear: analysts with strong track records are broadly optimistic about AeroVironment, even as one analyst moderates expectations slightly. With Tuesday's earnings release approaching and a nearly $900 million contract in hand, investors will be watching to see if management can deliver results that justify the bullish sentiment.