Shares of Albany International (AIN) plunged 8.43% in pre-market trading on Thursday, following a downgrade by Baird. The investment firm lowered its rating on the company from Outperform to Neutral, setting a new price target of $79.

The downgrade appears to have significantly impacted investor sentiment, leading to the sharp decline in Albany International's stock price. This move comes as analysts, on average, maintain a Hold rating on the stock with a mean price target of $72.75, according to FactSet data.

The pre-market sell-off suggests that investors are reassessing their positions in light of the new analyst perspective. As the market opens, it remains to be seen whether the stock will recover some of its losses or if the downward pressure will persist throughout the trading session. Investors and analysts will likely be closely monitoring Albany International's performance and any further developments that may influence its market valuation.