UPDATE: Raymond James Downgrades Whirlpool Corporation to Market Perform, Reiterates $150 PT on Black Friday Concerns

In a report published Tuesday, Raymond James analyst Sam Darkatsh downgraded the rating on Whirlpool Corporation WHR from Outperform to Market Perform, but reiterated the $150.00 price target. In the report, Raymond James noted, “Despite a generally in-line October AHAM report, we downgrade WHR from Outperform to Market Perform ahead of what we believe will be increased investor attention/concern around a more promotional Black Friday at retail. We deem the downgrade ‘tactical' in nature, as we still see a generally favorable 2014 operating environment with flattish price/mix and positive productivity against generally benign raw material inflation. The shares have reached our price target, and are trading in line with the historical median multiple relative to the S&P. The short interest (3%) remains as low as it's been in a decade, further limiting downside protection.” Whirlpool Corporation closed on Monday at $150.54.
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Posted In: Analyst ColorDowngradesAnalyst RatingsRaymond JamesSam Darkatsh
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