Canaccord Genuity analyst Brian McNamara maintained a Buy rating on The Middleby (MIDD – Research Report) yesterday and set a price target of $186.00.
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Brian McNamara has given his Buy rating due to a combination of factors including Middleby’s strategic positioning and financial maneuvers. Despite reporting first-quarter results that fell short of revenue expectations by approximately 4%, the company exceeded earnings per share forecasts by about 5%. This performance was influenced by customer-driven delivery delays in the Food Processing segment, which is expected to be spun off by early 2026.
Moreover, Middleby is poised to benefit from domestic sourcing amidst a challenging tariff environment, which could increase expenses by $150 million to $200 million annually. The company has also announced a significant increase in its share repurchase program, with plans to buy back up to 21% of its outstanding equity, reflecting a strong commitment to returning value to shareholders. These strategic initiatives and financial adjustments underpin McNamara’s confidence in the company’s potential for future growth, justifying the Buy rating.
In another report released today, KeyBanc also maintained a Buy rating on the stock with a $175.00 price target.
MIDD’s price has also changed slightly for the past six months – from $141.240 to $131.630, which is a -6.80% drop .