Middleby downgraded to Hold from Buy at Jefferies

Jefferies downgraded Middleby (MIDD) to Hold from Buy with a price target of $160, down from $170. For Middleby, the firm sees “muted” commercial and residential growth and limited visibility into a multiple re-rating. More broadly for the group, the firm sees a recovery in manufacturing sentiment, bolstered by the potential for lower interest rates, reduced corporate taxes, and deregulation.