SunTrust analyst Michael Ciarmoli raised his price target on Woodward to $97 and kept his Buy rating after its Q1 earnings beat. The analyst notes that given the "strong results across the board" and better than anticipated performance from L'Orange, he sees the management's outlook for FY19 as "conservative". The analyst further cites the company's record aero operating margins thanks to "strong OEM and aftermarket performance from both commercial aero and defense markets". Ciarmoli adds that the aero segment should "continue to outperform despite tough comps" from last year.