Baird upgrades Albany International on engineered composites tailwinds

Baird analyst Peter Arment upgraded Albany International to Outperform from Neutral with a price target of $120, up from $101. The analyst expects “mixed” Q2 reports for defense reflecting variability in supply chain, margin pressure, and “below-the-line” headwinds. Bullish aerospace sentiment is led by rising manufacturing rates and “robust” double-digit growth in aftermarket, the analyst tells investors in a research note. The firm upgraded Albany International on engineered composites tailwinds and the “value-adding” Machine Clothing acquisition.