Updates throughout

** Drone maker Aevex AVEX.N shares rise 6.5% to $26 premarket

** Analysts initiate coverage on the stock with bullish calls, pointing to a structural shift in global defense spending toward mass-produced, AI-enabled unmanned systems following lessons from recent conflicts and rising geopolitical tensions

** AVEX debuted at $23.01 on April 17 after selling 16 million shares in its IPO, priced above the indicated $18-$21 apiece range

** Jefferies, among the lead bookrunners for the IPO, begins coverage with "buy" and $32 PT, stating Aevex is "at the right place at the right time," citing its battle-proven unmanned systems, production at scale and exposure to accelerating global demand for autonomous military platforms

** J.P. Morgan says "Aevex has historically sold most of its drones to Ukraine and how quickly this revenue stream rolls off and is replaced with sales from other countries is likely to be a key debate among investors" starting the stock with "overweight" rating and $33 PT

** Other initiations include: Raymond James ("outperform," $35 PT), Needham ("buy," $45 PT), William Blair ("outperform")

** AVEX shares are down about 9.37% from their IPO debut-day close to Monday close