Middleby Price Target Cut By ~4% At KeyBanc

  • KeyBanc analyst Jeffrey D. Hammond lowered the price target on Middleby Corp MIDD to $175 (an upside of 28%) from $182 while maintaining the Overweight rating on the shares.
  • The analyst reiterates his positive stance on the commercial food equipment market and says he has yet to see any early signs of cracks in the market, with dealer sentiment generally positive.
  • After conversations with channel contacts, Hammond feels dealer sentiment for the year's balance remains markedly optimistic considering broader consumer concerns.
  • While acknowledging some moderation in consumer demand, Hammond feels order rates will remain healthy and walk away with further conviction in Rebuild Thesis.
  • The analyst notes WBT's Frymaster and Convotherm products saw a dramatic decrease in lead times this quarter, while contacts generally indicated MIDD's Pitco fryers lead times to remain well above average.
  • Price Action: MIDD shares are trading lower by 0.61% at $136.62 on the last check Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!