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Fly News Breaks for July 10, 2019
MIDD, WBT
Jul 10, 2019 | 05:09 EDT
Citi analyst Timothy Thein upgraded Welbilt (WBT) to Buy from Neutral and raised his price target for the shares to $19 from $17. Checks with foodservice equipment contacts indicate that "solid" consumer trends and "ample" credit availability are helping to give operators the confidence to invest in the kitchen, Thein tells investors in a research note. Further, the analyst believes pricing discipline seems to be holding, supporting his expectation for margin improvement for Middleby (MIDD) and Welbilt in to 2020. He thinks the market will reward names like Welbilt that have "visible growth." Thein keeps a Neutral rating on Middleby.
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