UBS Raises Woodward (WWD) Price Target Following Strong Quarterly Results

Woodward, Inc. (NASDAQ:WWD) ranks among billionaire Stanley Druckenmiller’s 10 best stock picks. UBS reaffirmed its Buy rating on Woodward, Inc. (NASDAQ:WWD) but increased the company’s price target from $378 to $417 on February 3. The hike came after Woodward’s impressive quarterly results and guidance increases across all divisions, despite management’s cautious forecast for the second through fourth fiscal quarters.

UBS stated that growth is strong in both the aerospace and industrial end markets, with Woodward, Inc. (NASDAQ:WWD) benefiting from content yield amplification and pricing power, while productivity initiatives are becoming more evident in margin improvements.

The firm isn’t expecting these positive trends to weaken in the near future, and expects profitability to surpass estimates “for potentially years to come,” despite what it called “abnormally strong spares sales” in the first fiscal quarter.

Woodward, Inc. (NASDAQ:WWD) designs and manufactures energy conversion and control solutions. Its solutions are used in the aerospace and industrial markets, including power generation and renewable energy systems.

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Disclosure: None. This article is originally published at Insider Monkey.