Middleby price target lowered to $152 from $160 at KeyBanc

KeyBanc lowered the firm’s price target on Middleby to $152 from $160 and keeps an Overweight rating on the shares. Against relatively grounded expectations into the print, the firm was “encouraged” by a solid operating beat headlined by impressive margin expansion in both FP and CFS. With management’s forward-looking commentary consistent with its view on 2024, Wells continues to see valuation as attractive at 9.1-times its 2024 EV/EBITDA, and expects shares to outperform as the company proves out 2024 framework.