Middleby price target lowered to $162 from $186 at Canaccord

Canaccord lowered the firm’s price target on Middleby (MIDD) to $162 from $186 and keeps a Buy rating on the shares. The firm said they reported Q2 results that were broadly in line on sales but ~2% below on adjusted EBITDA. Canaccord said they continue to believe the core CFS business will benefit from renewed management focus from the resultant Food Processing spin and an eventual separation of Residential.