Middleby price target raised to $192 from $155 at Canaccord

Canaccord analyst Brian McNamara raised the firm’s price target on Middleby (MIDD) to $192 from $155 and keeps a Buy rating on the shares. The firm noted reports that Garden Investments has accumulated nearly a 5% stake in the company and is planning to purchase more. Garden intends to renew the company’s focus on its core Commercial Foodservice (CFS) segment while reviewing other segments like Residential, along with capturing board seats and recommending a new capital allocation approach. The new target represents a sum-of-the-parts valuation.