Citi Reiterates a 'Hold' Rating on Whirlpool (WHR), Maintains $45 Price Target
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Citi reiterates a 'Hold' rating on Whirlpool Corp (NYSE: WHR). Price target $45.
Citi analyst says, "Raw material exposure remains a focal point for investors. Commodity prices have fallen recently providing the possibility of relief to appliance manufacturers, but given the procurement/processing lag coupled with hedging policies this will not work its way through to earnings until Q109 at the earliest...We maintain our estimates and price target. We still see substantial earnings risk, but prospects of easing material costs and comps in H209 keep us at a Hold rating."
Whirlpool Corporation (Whirlpool) is a manufacturer and marketer of major home appliances. Whirlpool manufactures products in 12 countries under 13 principal brand names and markets products.
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