Deutsche Bank Starts Middleby Corp (MIDD) at Hold
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Deutsche Bank initiated coverage on Middleby Corp (NASDAQ: MIDD) with a Hold rating and a price target of $123.
Analyst Saree Boroditsky said, "Middleby has generated strong top line growth and margins, but it is not clear to us that this level of outperformance is sustainable. To support a valuation in excess of the company’s current 30% premium, we would need more comfort on the company’s investment in internal growth and Management’s ability to execute on the larger deal size needed to move the needle."
Shares of Middleby Corp closed at $128.74 yesterday.
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