UPDATE: Credit Suisse Downgrades Woodward to Neutral on Slower Growth and Valuation
Credit Suisse reduced its rating on Woodward (NASDAQ: WWD) from Outperform to Neutral and lowered its price target from $43 to $39.
Credit Suisse commented, "Slowing organic growth, limited visibility in shorter-cycle energy markets & a premium valuation temper our enthusiasm for WWD shares as we head into 2013. Street est. for FY'13 & FY'14 have fallen 14% on average since June, but the stock has held in resulting in a multiple that is 20% higher now. Our EPS est. fall to the low-end of guidance & below consensus as we moderate our market growth & margin assumptions. We are lowering our FY12/13/14 EPS estimates to $2.20/$2.50/$22.89 (from $2.27/$2.83/$3.33) respectively."
Woodward closed at $37.18 on Monday.
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