Albany International downgraded to Neutral from Outperform at Baird

Baird downgraded Albany International (AIN) to Neutral from Outperform with an unchanged price target of $79. The firm has less confidence in the company’s engineered composites margin outlook given the “steep” ramp required in the second half of the year. In addition, Albany is seeing softness in its machine clothing business, the analyst tells investors in a research note. As such, Baird sees a more balanced risk/reward at current share levels.