Wolfe Research analyst Chris Senyek initiated coverage of Middleby (MIDD) with an Outperform rating and $163 price target The firm views Middleby as a “high-quality, defensive growth business” with strong margins and “underappreciated” free cash flow. The company is a leader in the restaurant equipment industry and the separation of its food processing unit should drive a re-rating in the shares, the analyst tells investors in a research note.
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