Middleby (MIDD) Stock Forecast & Price Target

Middleby Corp has demonstrated a robust performance in its financial metrics, with a notable 29% year-over-year revenue growth in 2024, recovering from a slight decline in 2023. Furthermore, sales in Canada have significantly increased by 60%, rising from $1.1 billion in 2020 to $1.7 billion in 2024, showcasing the company's successful market expansion. Additionally, the firm gained 135 basis points of market share, reaching 7.7% in 2024, indicating its strengthening competitive position within the industry.

The analysis of Middleby Corp reveals a concerning trend in its financial performance, particularly within its Commercial Foodservice Equipment Group, which is the primary revenue driver for the company. In Q2, this segment experienced a significant organic sales decline of 5.5%, attributed to decreased demand stemming from its major chain customers who are facing lower traffic and elevated cost pressures. Furthermore, while some customers reported mixed same-store sales results, the predominant trend indicated traffic declines across the majority of these premier clients, underscoring ongoing challenges in the foodservice market.