Albany International upgraded to Buy at Truist on valuation

As previously reported, Truist analyst Michael Ciarmoli upgraded Albany International to Buy from Hold with a price target of $105, up from $90. The stock’s year-to-date underperformance and discounted valuation more than adequately reflect potential macro risks that may surface in its cyclically sensitive Machine Clothing segment, the analyst tells investors in a research note. Truist adds that at current levels, the market is ignoring Albany International ‘s compelling growth opportunities tied to the commercial aerospace market, notably the likelihood that FY24-FY25 estimates have the potential to be revised higher as the 737 MAX and 787 rates continue to increase and the commercial aero market continues to recover.