Middleby price target lowered to $160 from $180 at KeyBanc

KeyBanc lowered the firm’s price target on Middleby to $160 from $180 and keeps an Overweight rating on the shares. Following its Q3 Foodservice equipment channel work, the firm get the sense demand is decelerating, with destocking largely complete, while channel commentary around the first half of 2024 is becoming more mixed on the margin. That said, KeyBanc believes recent weakness in Middleby’s shares offers an attractive entry point, and would be an opportunistic buyer around the print.