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Fly News Breaks for August 15, 2017
MIDD
Aug 15, 2017 | 06:57 EDT
Macquarie analyst James Clement upgraded Middleby to Outperform and raised its price target to $150 from $140 citing attractive valuation and reduced expectations. The analyst believes restaurants are buying equipment that reduces labor costs and increases automation, and thinks the trend will lengthen Middleby's sales cycle, which explains why management sees that $300M in sales starting in Q3.
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