- Benchmark analyst Todd Brooks initiated coverage on Middleby Corp (NASDAQ: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.
Nasdaq Dips Over 300 Points; Crude Oil Rises Sharply
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling more than 300 points on Friday.
