Whirlpool price target lowered to $111 from $120 at JPMorgan

JPMorgan analyst Michael Rehaut lowered the firm’s price target on Whirlpool to $111 from $120 and keeps a Neutral rating on the shares after its Q4 results and below-consensus guidance. The company’s guidance was based on flat revenue and EBIT margins, while its promotional activity is expected to be similar to the second half of 2023, the analyst tells investors in a research note. The firm adds that the stock’s valuation at roughly 7.9x and 6.6x its expected 2024 and 2025 EBITDA, respectively, reasonably reflects Whirlpool’s recent challenges, which include a more intense promotional backdrop, an outlook for a relatively constrained demand environment in 2024, and the company’s elevated leverage position.