Middleby price target lowered to $155 from $164 at Canaccord

Canaccord lowered the firm’s price target on Middleby (MIDD) to $155 from $164 and keeps a Buy rating on the shares. The firm said they reported disappointing Q3 results. Sales were 5% below consensus, with Commercial Foodservice, Food Processing, and Residential Kitchen all missing materially. Profitability metrics also came in below expectations, with adjusted EBITDA and EPS missing the Street.