JPMorgan analyst Michael Rehaut reduced his 2015 and 2016 estimates for Whirlpool well below the current consensus saying volatility in Brazil and other emerging markets will likely continue to weigh on earnings visibility near term. He cut his 2015 earnings per share estimate to $11.35 from $12.35, well below the Street's $12.11, and 2016 estimate to $14.55 from $15.20, below the Street's $15.10. The company's 2018 earnings per share goal of $22-$24 now looks aggressive, and the stock's valuation is not compelling relative to recent history, Rehaut tells investors in a research note titled "Getting Close But Not There Yet; Lowering Estimates Solidly Below Street on Currency, Brazil." He notes, however, that his unchanged price target of $190 points to roughly 20% upside from current levels. The analyst keeps a Neutral rating on Whirlpool.

Pre-earnings options volume in Whirlpool is 1.9x normal with calls leading puts 4:3. Implied volatility suggests the market is anticipating a move near 6.0%, or $6.38, after results are released. Median move over the past eight quarters is 3.8%.