Whirlpool downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Whirlpool (WHR) to Neutral from Buy with a price target of $53, down from $72. The firm expects industry and macro pressures to weigh on the company’s results. Higher inflation along with “depressed” existing home turnover and pull-forward during the pandemic suggest appliance demand will remain under pressure, the analyst tells investors in a research note. In this backdrop, Goldman believes the benefits of Whirlpool’s initiatives “could be muted.” It also sees a continued overhang on the stock from the company’s levered balance sheet.