Woodward price target lowered to $74 from $76 at Goldman Sachs

Goldman Sachs analyst Noah Poponak lowered the firm’s price target on Woodward to $74 from $76 and keeps a Sell rating on the shares after its Q1 earnings miss. The analyst notes that the company’s industrial margin stood out at 5.1% – down from 9.6% last year and 12.9% the year prior – against a prior long-term segment target of 16%, with Aerospace margin also missing expectations. While Woodward maintained its FY23 outlook, its guidance now implies steep recoveries in profitability metrics in the back half of the year, the firm adds.