BMO Capital analyst Joel Tiss lowered his price target on Middleby to $130 after a "disastrous" Q1 report that created "plenty of concern" around structural challenges for the company and the food equipment industry. The analyst cites bigger than expected sales declines across all segments, with Residential Kitchen revenue down 8.4% and Commercial Foodservice down 1.4%. Despite the setback following his label of the stock as the "top idea" in March, the analyst keeps his Outperform rating on Middleby, saying its "long-term prospects remain extremely bright, as the company maintains its status as the primary consolidator in a fragmented industry".