KeyBanc analyst Ken Zener upgraded Whirlpool to Overweight from Sector Weight, with a $150 price target. While he readily admits "obvious upside catalysts are lacking," the analyst believes that his U.S.-centric thesis, coupled with already reduced expectations for North America volume, a long-term European margin recovery only now starting, and a lot of negative sentiment and news flow, is priced in the stock. Overall, Zener thinks Whirlpool remains a U.S. story, with Europe offering upside in time and with Asia the largest unknown variable given tariffs and/or other issues. Brazil remains a "black hole" of demand recovery, but at stable margins, he adds.