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Why Middleby Shares Jumped 10% Today

TheMotleyFool

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Shares of restaurant equipment maker Middleby (NASDAQ: MIDD) rose almost 10% on Monday thanks to a bullish analyst report.

KeyBanc Capital Markets analyst Jeffrey Hammond upgraded Middleby to overweight early Monday morning. The firm placed a $90 price target on the stock, 23% above Friday's closing price. Hammond cited "mounting evidence" that the market for restaurant equipment bottomed out in early April, setting the company up for a solid recovery from that point. Under these circumstances, Middleby looks undervalued at 14 times forward earnings and 11 times free cash flows.

Image source: Getty Images.

Source Fool.com

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