Woodward price target raised to $228 from $209 at UBS

UBS raised the firm’s price target on Woodward (WWD) to $228 from $209 and keeps a Buy rating on the shares. Woodward took a prudently conservative view on OE build rates, destocking, and China on-highway, and guidance bracketed consensus revenue and was above on EPS, the analyst tells investors in a research note. The firm remains focused on Woodward’s long-term idiosyncratic outgrowth drivers and margin upside potential, with next-gen engine aftermarket only just starting to contribute.