Jefferies analyst Sheila Kahyaoglu upgraded Woodward to Buy from Hold with a price target of $135, up from $108, citing her view that management is being conservative with its operating margin targets for the Aerospace business, which accounts for 75% of earnings and could surprise to the upside. Additionally, her forecast, along with consensus, only bake in 5% organic top-line expansion for Woodward over 2019-23, which present an opportunity, Kahyaoglu tells investors. She also notes the scarcity value of Woodward given that there are few commercial aerospace assets available for interested buyers. Kahyaoglu raised her FY20 EPS estimate for Woodward to $5.60, which she noted was at the high-end of guidance of $5.30-$5.60 and above consensus at $5.47.