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

• 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.