Middleby's earnings conference call today described conditions consistent with deteriorating visibility and the pushing out of orders, Buckingham analyst James Clement tells investors in a research note. Management pointed investors to 2020 and was "essentially throwing in the proverbial towel on 2019," contends the analyst. As a result, Clement reduced his estimates and cut his price target for Middleby shares to $153 from $174. The analyst, however, keeps a Buy rating on the name, saying the "market leader in a durable industry" is "too cheap" at current valuation levels.