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Benzinga

Business

Akanksha Bakshi

Citi Cuts Middleby Price Target By ~12% - Read Why

MIDD Middleby Citi Nasdaq

Middleby Corp (NASDAQ:MIDD) price target was lowered to $190 (an upside of 19%) from $215 by Citi analyst Timothy Thein.
Meanwhile, the analyst maintained the Buy rating on the shares.
Thein reduced Middleby's first half of 2022 margin view citing raw material and supply chain/logistics cost inflation that shows minor reduction signs.
As a result, Middleby and many of its commercial foodservice competitors have raised prices.
The analyst believes the stock's recent de-rating makes for a more compelling risk/reward.
Price Action: MIDD shares are trading lower by 0.78% at $160.23 on Monday's last check.

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