UPDATE: Bank of America Initiates Whirlpool Corporation at Buy on US Appliance Recovery

Bank of America initiated coverage on Whirlpool Corporation WHR with a Buy rating and a $140.00 price objective. Bank of America said, "As the leading global appliance manufacturer and #1 in the US with a 40-45% market share, we think Whirlpool (WHR) is well positioned to capitalize on the recovery of the US appliance market. FCF is strengthening as EBITDA grows and non-operating drags decline, underpinning a possible acceleration in capital return. Moreover, we expect WHR to well exceed its 8% EBIT margin target given that North America is operating at peak profitability on volumes that are down by ~25% from the peak. Our PO of $140 represents 14x 2013E P/E." Whirlpool Corporation closed at $16.08 on Thursday.