Albany International Wins Boeing 787 Fuselage Order; Baird Lifts PT to $75
AIN sits 52% above its 52-week low of $41.15.
Summary
Albany International's Engineered Composites unit secured a Boeing contract to produce approximately 300 composite fuselage frames for 787 sections 41, 43, and 47 at its Salt Lake City facility. The stock rose about 6% intraday on the news. Baird raised its price target to $75 from $64 while maintaining a Neutral rating. This follows the company's Q2 earnings beat and the recent decision to retain the Salt Lake City facility after renegotiating the CH-53K contract with Sikorsky. The Boeing order adds significant aerospace backlog and validates the facility's strategic value.
At the time of this announcement, AIN was trading at $62.59 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $41.15 to $77.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.