Middleby price target raised to $190 from $175 at KeyBanc

KeyBanc raised the firm’s price target on Middleby (MIDD) to $190 from $175 and keeps an Overweight rating on the shares following quarterly results. The firm was encouraged by particularly strong order momentum in FP and more resilient CFS sales despite still choppy markets. KeyBanc views the initial outlook as conservative, with ample upside opportunity should QSR markets become more constructive. With the portfolio becoming simpler, the firm sees a further runway for re-rating as the company focuses on core CFS assets, amplified by its refined capital allocation strategy.