UPDATE: KeyBanc Initiates Woodward with Buy, $45 PT on on Secular Growth Catalysts

KeyBanc initiates its coverage on Woodward

with a Buy rating and a price target of $45. KeyBanc comments, "We believe WWD offers investors a unique play on two compelling, late cycle secular growth markets — commercial aerospace and energy, specifically natural gas. In our view WWD is ideally situated to further monetize its suite of product offerings that specifically cater to each sector's distinct energy control, optimization and efficiency needs." WWD closed at $38.57 on Tuesday.