Canaccord Genuity analyst Brian McNamara maintained a Buy rating on The Middleby (MIDD – Research Report) yesterday and set a price target of $200.00.
Brian McNamara has given his Buy rating due to a combination of factors, including The Middleby’s impressive showcase at the North American Association of Food Equipment Manufacturers (NAFEM) Show. The company unveiled several innovative products that stood out for their potential to reduce waste and save on labor costs, such as Cervizi, Open Kitchen, TorQ, and PizzaBot. These offerings highlight The Middleby’s strong portfolio, which McNamara believes surpasses that of its competitors in terms of depth and breadth.
Additionally, the recent involvement of activist investor Garden Investments and the announcement of a spinoff of the Food Processing business are seen as positive developments. McNamara anticipates that these changes will allow The Middleby’s Commercial Foodservice (CFS) business to thrive with renewed management focus and execution. The NAFEM Show also serves as a strategic platform for The Middleby to engage with potential clients, which can lead to immediate business opportunities, further supporting the Buy rating.
According to TipRanks, McNamara is an analyst with an average return of -1.4% and a 45.58% success rate. McNamara covers the Consumer Cyclical sector, focusing on stocks such as SharkNinja, Inc., Rollins, and Yeti Holdings.
In another report released on March 3, KeyBanc also maintained a Buy rating on the stock with a $185.00 price target.