AIN - Albany International upgraded to Outperform at Baird
2023-07-14 14:19:01 ET
Albany International ( NYSE: AIN ) on Friday was upgraded to Outperform from a previous investment rating of Neutral by analysts at financial-services firm Baird. They said the supplier of textiles for paper-making and advanced materials for aircraft is poised to benefit from aerospace and defense growth.
“Structural tailwinds within global air travel and ramping defense programs benefits Albaney Engineered Composits (AEC),” Baird said in a July 14 report.
Albany ( AIN ) can also boost its profit margin with its purchase of closely held Heimbach Group in a deal announced last month, according to Baird. The acquisition adds greater scale to Albany’s ( AIN ) machine clothing business, which makes fabrics for paper mills.
“The machine clothing acquisition timing positively impacts incremental EBITDA and margin expansion over time, with management confident of expanding EBITDA margins at Heimbach from 9% today to 20% within three years,” according to Baird, whch raised its price target for Albany ( AIN ) to $120 a share from $101 a share.
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Albany International upgraded to Outperform at Baird