May. 14 at 1:37 PM
Whirlpool
stock is likely to lose ground as the home appliance company contends with a combination of industry and macroeconomic headwinds, according to Goldman Sachs.
The investment bank downgraded Whirlpool to neutral from buy. It also set a
$53 price target on shares, implying 27% from Wednesday’s close.
“We look for ongoing industry and macro pressures to weigh on results,” Goldman Sachs analysts said Thursday in a note to clients. “While we recognize Whirlpool’s efforts to offset top-line and margin headwinds—including the largest price increase in 30+ years, plans to reduce costs by
$150+mn, and successful new product introductions—we believe the benefits could be muted as operating pressures persist for the balance of this year, at least.”
$WHR