As reported earlier, SunTrust analyst Michael Ciarmoli upgraded Woodward to Buy from Hold and raised his price target to $96 from $89. The analyst cites his increased confidence around the sustainability of the aerospace operating margins after the company's management produced 570bps in margin expansion over the past 6 years through "flawless execution". Ciarmoli adds that Woodward's legacy industrial revenues have bottomed while noting that its 15.9-times forward earnings valuation is "compelling" as it has declined from 24-times nearly a year ago and also stands below its five-year average.