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

Truist lowered the firm’s price target on Albany International to $91 from $101 and keeps a Buy rating on the shares. The firm cites the company’s FY24 pre-announcement, with negative Estimate-at-Completion – EAC – incurred in the Engineered Composites segment where the majority of the charges were tied to the CH-53K and Gulfstream programs, the analyst tells investors in a research note. Demand signals for these programs appear to remain uncertain and Albany International’s management seemingly does not want inventory in the channel to build, Truist added.