Canaccord raised the firm’s price target on Middleby (MIDD) to $175 from $162 and keeps a Buy rating on the shares. The firm noted Middleby’ Commercial Foodservice segmant posted its seventh straigth quarter of organic sales declines. This led Canaccord to survey 32 dealers and found that increasing restaurant equipment prices and a tough macroeconomic environment will continue to pressure its customers and resultant equipment demand, and while they are seeing meaningful improvement in the channel, we do not believe we are out of the woods just yet. However, dealers were incrementally more positive than this time last year.
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