Woodward price target raised to $175 from $172 at Wells Fargo

Wells Fargo analyst Matthew Akers raised the firm’s price target on Woodward (WWD) to $175 from $172 and keeps an Equal Weight rating on the shares. The firm cut estimates across the aerospace group, as it thinks a global economic slowdown hits both original equipment makers and aftermarket. Wells estimates a modest economic slowdown could reduce aircraft demand by 300 basis points, which translates to a 6% and 10% impact to aftermarket and original equipment sales, respectively.