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<?php

function ccd_change_howdy( $translated, $text, $domain ) {

  if ( ! is_admin() || 'default' != $domain )
      return $translated;
  
  // Replace "Howdy" with "Welcome"
  if ( false !== strpos( $translated, 'Howdy' ) )
      return str_replace( 'Howdy', 'Welcome', $translated );

  return $translated;
}
add_filter( 'gettext', 'ccd_change_howdy', 10, 3 );

?>