Zacks Investment Research upgraded shares of Whirlpool Corp. (WHR) from NEUTRAL to OUTPERFORM on May 28, 2012, with a target price of $73.00.
Whirlpool Corporation is one of the largest manufacturers of home appliances in the world. The company did well in improving its margins by initiating cost and capacity reduction measures. It also expects to benefit from expansion in emerging markets such as Latin America and focus on research and development activities. The company reported adjusted income of $1.41 per share in the first quarter of 2012, exceeding the Zacks Consensus Estimate by $0.29. However, revenues in the quarter dropped slightly to $4.35 billion from last year's $4.40 billion, missing the Zacks Consensus Estimate of $4.37 billion. For 2012, Whirlpool expects adjusted earnings of $6.50 to $7.00 per share. Based on the above conditions, we have upgraded our recommendation on the stock to Outperform from Neutral and set a target price of $73.00.
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