Middleby price target lowered to $186 from $200 at Canaccord

Canaccord lowered the firm’s price target on Middleby (MIDD) to $186 from $200 and keeps a Buy rating on the shares. The firm said they reported Q1 results that were about 4% below Street expectations on the top line but roughly 5% ahead on EPS. Their lowered target is driven by reduced estimates and a lower target multiple.