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Benzinga
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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