Albany International price target lowered to $91 from $101 at Truist

Truist lowered the firm’s price target on Albany International (AIN) to $91 from $101 and keeps a Buy rating on the shares. The firm is also reducing its 2024/2025 estimates following the company’s negative pre-announcement. Negative EAC’s of $24M were incurred in the AEC segment with the majority of the charges tied to the CH-53K and Gulfstream programs. Management also noted that $2M of the charges were tied to the LEAP and 787 programs. Demand signals for these programs appear to remain uncertain and management seemingly does not want inventory in the channel to build, Truist adds. The ongoing Boeing (BA) strike remains a clear watch item but for now the bulk of this downward revision appears to be Albany International specific and not indicative of broader supply chain pressures, the firm adds.