Analyst Kenneth Leon at CFRA on Friday lowered his rating on Whirlpool Corp. WHR, +2.04% shares to sell, from buy, and lowered his price target by $20 to $180 as rising interest rates and a “potential risk of global stagflation” could hurt consumer-discretionary spending for household appliances. “We believe (Whirlpool) shares may underperform the S&P 500 or defensive areas of consumer sectors,” Leon said. “We see some demand destruction coming from a more challenging global economy in 2022-2023,” diminishing Whirlpool’s ability to raise its prices, Leon said. Moreover, compared to peers the appliances maker has “elevated risks” in weaker economies outside the U.S.’s appliances market. Shares of Whirlpool have lost 26% in the past 12 months, contrasting with gains of around 10% for the S&P 500 index. SPX, -0.27%
