Middleby

MIDD · NASDAQ

$110.53+$2.77 (+2.57%)TodayMarket closed · Oct 20, 7:40 PM ET

Prev close $107.76

MIDD analyst rating

BuyConsensus of 8 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy8
Hold0
Underperform0
Sell0

12-month price target · 11 analysts

Average $160.14 (+44.9% upside)

Low: $146.45
Now: $110.53
High: $177.45

Upgrades and downgrades

The latest rating actions, newest first

MIDD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 8, 2026	Maintains	Overweight	$147.00 → $145.00	53%
JP Morgan	Sep 15, 2026	Upgrade	Neutral → Overweight	$141.00 → $147.00	53%
Canaccord Genuity	Sep 1, 2026	Maintains	Buy	$157.00 → $160.00	49%
Barclays	Aug 13, 2026	Maintains	Overweight	$155.00 → $145.00	39%
Canaccord Genuity	Aug 12, 2026	Maintains	Buy	$165.00 → $157.00	49%
Oppenheimer	Aug 12, 2026	Maintains	Outperform	$205.00 → $160.00	52%
JP Morgan	Aug 12, 2026	Maintains	Neutral	$151.00 → $141.00	53%
Barclays	Jul 20, 2026	Maintains	Overweight	$190.00 → $155.00	39%
JP Morgan	Jul 13, 2026	Maintains	Neutral	$185.00 → $151.00	53%
Jefferies	Jul 8, 2026	Maintains	Buy	$200.00 → $160.00	62%

The case for and against

Updated Feb 9, 2026

Bull case

Middleby Corp has demonstrated a significant recovery in revenue, experiencing a notable 29% year-over-year increase in 2024, following a decline of 3% in 2023 and a robust 41% growth in 2022. Furthermore, sales in Canada have surged by 60%, rising from $1.1 billion in 2020 to $1.7 billion in 2024, indicating strong market demand and expansion in that region. Additionally, the company has successfully increased its market share by 135 basis points in 2024, reaching 7.7% compared to 6.4% in the previous year, reflecting effective competitive positioning within its industry.

Bear case

Middleby Corp's Commercial Foodservice Equipment Group experienced a notable decline in Q2 organic sales of -5.5%, primarily due to decreased demand from its largest chain customers facing lower customer traffic and cost pressures. The performance of these key customers varied, with brands like Pizza Hut and KFC reporting same-store sales declines of -5%, in stark contrast to Taco Bell's 4% increase, highlighting the fragile nature of the segment. The overarching trend of declining traffic among the majority of its premier customers suggests ongoing challenges that may put pressure on Middleby's performance in the near term.

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