UPDATE: Goldman Sachs Downgrades Whirlpool to Sell
Goldman Sachs is out with its report today on Whirlpool (NYSE: WHR), downgrading WHR to Sell.
In its report, Goldman Sachs writes, "We downgrade Whirlpool to Sell as we believe that upcoming supply increases in Brazil from LG and Samsung will pressure the company's highest margin business. Brazil/Latin America accounts for 25% of Whirlpool sales, but 50% of its operating profit given the high margins."
Goldman Sachs lowers its PT on WHR from $55 to $42.
At the time of posting, shares of WHR were trading pre-market at $53.00, down 3.60% from Monday's close.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.