NEW YORK, August 6 (New Ratings) – Analyst Nicohlas P Heymann of Prudential Financial maintains his “underweight” rating on Whirlpool Corp (WHR.NYS). The target price has been reduced from $58 to $52.
In a research note published this morning, the analyst mentions that Whirlpool may have to initiate substantial price reductions or lose shelf space in the near future due to a continuous decline in Sear’s appliance sales.
The analysts express their optimism, however, regarding the company’s financial health and ability to cope with the expected slowdown in the North American appliance market. The company is expected to witness tougher comps in 2H04, according to Prudential Financial.
From NewRatings
