KeyBanc Cuts Price Target on Whirlpool (WHR) by ~28% Following Talks with Management
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Price: $41.37 -3.45%
Rating Summary:
2 Buy, 15 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc is reaffirming its Buy rating on shares of Whirlpool Corporation (NYSE: WHR), but is cutting its price target from $94 to $68 following talks with the company's CEO and CFO.
The firm noted the talks raised its view of the U.S.'s margin growth outlook and lowered their concerns of falling margins in Latin America. In the U.S., new sanctions have resulted in higher prices for French door refrigerators. KeyBanc also highlights that concerns in Brazil are premature as LG/Samsung don't have any plants under construction yet and as tariffs cause supplier issues in a country for the Koreans export driven model.
An analyst at KeyBanc comments, "While negative 2011 management earnings revisions were a disappointment, we think the U.S. demand is far closer to bottoming than falling further, positioning Whirlpool for margin expansion tied to price gains, restructuring, and eventual unit growth."
The firm is slashing its 2011 and 2012 EPS estimates from $12.07 and $7.76 to $2.54 and $5.40.
For an analyst ratings summary and ratings history on Whirlpool Corporation click here. For more ratings news on Whirlpool Corporation click here.
Shares of Whirlpool Corporation closed at $53.26 yesterday.
The firm noted the talks raised its view of the U.S.'s margin growth outlook and lowered their concerns of falling margins in Latin America. In the U.S., new sanctions have resulted in higher prices for French door refrigerators. KeyBanc also highlights that concerns in Brazil are premature as LG/Samsung don't have any plants under construction yet and as tariffs cause supplier issues in a country for the Koreans export driven model.
An analyst at KeyBanc comments, "While negative 2011 management earnings revisions were a disappointment, we think the U.S. demand is far closer to bottoming than falling further, positioning Whirlpool for margin expansion tied to price gains, restructuring, and eventual unit growth."
The firm is slashing its 2011 and 2012 EPS estimates from $12.07 and $7.76 to $2.54 and $5.40.
For an analyst ratings summary and ratings history on Whirlpool Corporation click here. For more ratings news on Whirlpool Corporation click here.
Shares of Whirlpool Corporation closed at $53.26 yesterday.
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