UPDATE: Drexel Hamilton Initiates Woodward with Buy, $43 PT on Aerospace Growth Exposure

Drexel Hamilton initiates Woodward WWD with a Buy rating and a price target of $43. Drexel Hamilton comments, "We think WWD's positioning on current Aerospace platforms like the A320, 777 and 787, along with extensive aftermarket exposure, should allow for strong growth during the Aerospace upcycle. Note that commercial aerospace aftermarket sales for WWD were up 21% in H1 FY12. We believe the erospace aftermarket is WWD's highest-margin business, and recent IATA data shows air traffic continues to grow." WWD closed at $37.59 on Thursday.