Woodward (WWD) PT Raised to $299 at UBS

UBS analyst Gavin Parsons raised the price target on Woodward (NASDAQ: WWD) to $299.00 (from $283.00) while maintaining a Buy rating.

The analyst commented, "30% aftermarket growth in F3Q - on a 20% comp - was enabled by significant content wins years ago that should drive one of - if not the fastest - Aerospace growth rates in our coverage for years to come. Woodward has now won another set of content on the mature A350 program that will add yet another leg of growth beginning later this decade. That win requires a material capital investment, but this looks well worth it for not just growth but the strategic expansion of widebody/airframe/Airbus exposure. Expectations were high into the print, but with the next-gen engine aftermarket narrative clearly beginning to contribute more materially, we believe it is still early innings of long term revenue growth, margin expansion, and even cumulative free cash flow generation well above consensus."

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