UPDATE: Jefferies Reiterates Woodward at Hold Following TRAS Acquisition

Jefferies maintained Woodward

at Hold with a $36 price target as the company expands its integrated systems offering. Jefferies commented, "On Dec. 28, Woodward announced the acquisition of Hydraulic Thrust Reverser Actuation Systems (TRAS) from General Electric. WWD acquired TRAS for $200MM or 1.3X 2013E revenues (and at potentially a low teens EV/EBITDA multiple). The deal is expected to close on the 28th, as well. We estimate the transaction to be $0.03-$0.04 accretive in Year 1. This is an all-cash transaction." Woodward closed at $37.65 on Thursday.