Woodward downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Gautam Khana downgraded Woodward to Hold from Buy with a price target of $160, down from $186. The company faces a transition in fiscal 2024, with flat or down earnings given China headwinds and likely aerospace de-stocking, factors that limit the stock’s upward re-rating prospects, the analyst tells investors in a research note. The firm says Woodward is facing a transition year but trades at a growth multiple.