Benchmark Is Bullish On Middleby, Sees Notable Upside

Benchmark analyst Todd Brooks initiated coverage on Middleby Corp MIDD with a Buy rating and a price target of $190, implying an upside of 26%.
The analyst predicts that the company's backlogs and accelerating demand for equipment-based solutions will provide a multi-year revenue tailwind.
Meanwhile, the analyst sees solid demand trends across the company's Commercial Foodservice and Food Processing segments are balanced by a recent softening of lead indicators in the Residential Kitchen segment.
Price Action: MIDD shares are trading lower by 1.23% at $150.88 on the last check Friday.