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MIDD

Middleby

$125.36

-0.63 (-0.50%)

18:01
12/07/17
12/07
18:01
12/07/17
18:01

Middleby acquires Scanico A/S, terms not disclosed

The Middleby Corporation announced the acquisition of Scanico A/S, a leading manufacturer of industrial cooling and freezing equipment for the food processing industry. The company is based in Aalborg, Denmark and has approximately $30M in annual revenues.

MIDD Middleby
$125.36

-0.63 (-0.50%)

08/15/17
MACQ
08/15/17
UPGRADE
MACQ
Outperform
Middleby upgraded to Outperform from Neutral at Macquarie
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.
08/15/17
BMOC
08/15/17
NO CHANGE
BMOC
Middleby weakness creates long-term opportunity, says BMO Capital
BMO Capital analyst Joel Tiss says that Middleby's lower than expected sales for the last two quarters have created a buying opportunity for longer term investors. He thinks that sales are being delayed because it is taking time for buyers to customize Middleby's offerings and get approval for the high prices of Middleby's products which are "more revolutionary" than those of its competitors. Tiss expects the company's organic growth to accelerate sharply toward the end of this year and through 2019. He keeps a $150 price target and an Outperform rating on the stock.
09/27/17
SUSQ
09/27/17
INITIATION
Target $141
SUSQ
Positive
Middleby initiated with a Positive at Susquehanna
Susquehanna analyst Robert Barry initiated Middleby with a Positive and $141 price target.
10/16/17
KEYB
10/16/17
DOWNGRADE
KEYB
Sector Weight
Middleby downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst James Picariello downgraded Middleby to Sector Weight citing expectations for a more moderate pick-up in Commercial Foodservice core sales into 2018. The analyst sees greater risk of downside earnings surprises next year.

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