Buckingham backs Neutral on Whirlpool following AHAM data
Buckingham analyst Megan McGrath maintained a Neutral rating and $150 price target on Whirlpool shares after the Association of Home Appliance Manufacturers, or AHAM, released "strong" U.S. appliance shipment data for the month of September. McGrath noted that AHAM 6 shipment growth in the month fell "slightly," a deterioration from the high single digit growth reported last month, and as a result is keeping her third quarter estimates unchanged at this time. The analyst noted that her revenue growth estimate for Whirlpool's North America business in Q3 is 2.5%, adding that if the company was able to gain share or maintain mid-single digit pricing growth, there could be "some upside" to her estimates. McGrath said her Neutral rating is, in part, based on "slow demand" in the U.S. market and concerns over pricing if demand continues to be lackluster, as well as a slowing end market in Europe.