Canaccord raised the firm’s price target on Middleby (MIDD) to $175 from $171 and keeps a Buy rating on the shares. The firm the company announced its entry into a definitive agreement to sell a 51% stake in its Residential Kitchen business to 26North in a transaction that values the segment at $885m. Middleby believes this transaction accelerates the growth of the “strongest residential platform of global luxury brands.”
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Read More on MIDD:
- The Middleby Sells Stake in Residential Kitchen Business
- Middleby to sell 51% stake in Residential Kitchen business for $540M
- Middleby price target lowered to $168 from $180 at Barclays
- Middleby price target lowered to $171 from $175 at Canaccord
- Middleby upgraded to Neutral from Underweight at JPMorgan