Middleby Corp (MIDD) Expert Feedback Shows Accelerating Demand in Commercial Foodservice Equipment - Jefferies

Jefferies analyst Saree Boroditsky reiterated a Buy rating and $190.00 price target on Middleby Corp (NASDAQ: MIDD) after speaking with a commercial foodservice distributor that indicated:
1) expects 2021 demand to reach 2019 levels
2) two rounds of pricing actions so far this year
3) supply chain issues coupled with strong demand have led to long lead times for products

The analyst stated "Restaurant bookings are picking up and channel checks suggest that commercial foodservice equipment demand is accelerating – the bigger question now appears to be, will MIDD be able to produce enough to fulfill the expected surge in demand? Our checks suggest that lead times have stretched as manufacturers face higher than anticipated demand and a shortage of components."

For an analyst ratings summary and ratings history on Middleby Corp click here. For more ratings news on Middleby Corp click here.

Shares of Middleby Corp closed at $164.63 yesterday.

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