Middleby Corp. Upgraded to Outperform at Zacks (MIDD)
Middleby Corp. (NASDAQ:MIDD) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued to investors on Tuesday, Analyst Ratings Network.com reports. The firm currently has a $261.00 target price on the stock. Zacks‘ price objective points to a potential upside of 20.03% from the stock’s previous close.
Zacks‘ analyst wrote, “We are upgrading our recommendation on Middleby to Outperform from Neutral based on its bright growth opportunities. The company has been growing inorganically over the past few quarters. The trailing twelve months’ acquisitions of Viking, Nieco and Stewart Systems contributed 29.3% of the revenue growth in the second quarter of 2013. A hike in core sales also seems to be on the cards in the coming quarters. Middleby expects its revenues from Food Processing Group and Commercial Foodservice Group to increase in the coming quarters based on the customers’ ongoing equipment upgrades. The company’s tie-up with big brands like Commercial Foodservice Group is expected to boost revenues. Additionally, Middleby plans to launch 10 products in the Commercial Foodservice segment and nine products in the Food Processing segment in 2013, to increase its market share.”
Middleby Corp. (NASDAQ:MIDD) traded down 1.77% during mid-day trading on Tuesday, hitting $213.60. 23,619 shares of the company’s stock traded hands. Middleby Corp. has a 52 week low of $118.01 and a 52 week high of $220.01. The stock’s 50-day moving average is $205.4 and its 200-day moving average is $177.6. The company has a market cap of $4.081 billion and a price-to-earnings ratio of 31.03.
Middleby Corp. (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, August 8th. The company reported $2.00 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.78 by $0.22. The company had revenue of $363.80 million for the quarter, compared to the consensus estimate of $349.92 million. During the same quarter last year, the company posted $1.67 earnings per share. Middleby Corp.’s revenue was up 39.9% compared to the same quarter last year. Analysts expect that Middleby Corp. will post $7.93 EPS for the current fiscal year.
A number of other firms have also recently commented on MIDD. Analysts at RBC Capital raised their price target on shares of Middleby Corp. from $171.00 to $202.00 in a research note to investors on Tuesday, August 13th. They now have a “sector perform” rating on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Middleby Corp. from $165.00 to $175.00 in a research note to investors on Tuesday, August 13th. They now have a “market perform” rating on the stock. Finally, analysts at Roth Capital raised their price target on shares of Middleby Corp. from $180.00 to $225.00 in a research note to investors on Monday, August 12th. They now have a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $203.40.
The Middleby Corporation (NASDAQ:MIDD) through its operating subsidiary Middleby Marshall Inc (Middleby Marshall) and its subsidiaries, is engaged in the design, manufacture, marketing, distribution, and service of a line of cooking and warming equipment used in all types of commercial restaurants and institutional kitchens, and food preparation, cooking and packaging equipment for food processing operations.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.