UPDATE: Goldman Sachs Upgrades Whirlpool to Buy on Positive EPS Revisions

Goldman Sachs raised its rating on Whirlpool

from Sell to Buy and raised its price target from $57 to $110. Goldman Sachs said, "Our thesis of competitive pricing in Latin America did not come to fruition and we were wrong. Our new $110, six-month price target reflects an EPS multiple of 12X, in line with the 20-year average. Margins are going higher and we pivot our model upwards to give the company credit for the pricing/restructuring we missed but layer in incremental commodity relief that drives our estimates higher than consensus. With shares up 98% ytd, we recognize much of the easy money has been made but we still see 15%-20% near team upside." Whirlpool closed at $93.81 on Tuesday.