Woodward price target raised to $147 from $128 at Wells Fargo

Wells Fargo analyst Matthew Akers raised the firm’s price target on Woodward to $147 from $128 and keeps an Overweight rating on the shares. Woodward provided initial guidance for FY24 ahead of the firm’s model for top line and EPS, though below for free cash flow, the analyst tells investors in a research note. The implied ~35% aero incrementals don’t look easy given mix headwinds, but industrial could give upside if China NG strength continues, the firm contends.