Action this morning by JPMorgan Chase & Company to upgrade its analysts rating for Whirlpool Corporation has sparked investor interest driving the company's stock in the opposite direction from the market in general. The investment firm changed its rating from "neutral" to "overweight," and upgraded its price target for the appliance giant's stock from $155 to $205-per share.
By 11:15 this morning while the Dow Jones Industrials were down nearly 100-points, Whirlpool's stock had advanced to nearly $169 per share, and at one point was bordering on $170.00 — an increase of $2.50 to $3.50 per share heading toward the noon hour.
It marks the fourth analyst upgrade in the new year, following RBC Capital's Top Pick rating which boosted its price target at the first of February, Goldman Sachs upgrade from "neutral" to "buy" three days later, and MKM Partners reiterated "buy" rating at the end of last month.
Clark Schultz, News Editor of SeekingAlpha.com says, "With an eye on some of the recent GOP rhetoric, Whirlpool is a company that is seen as benefiting from a sharper focus on trade policies after filing an anti-dumping petition with the Department of Commerce late last year."
JPMorgan's upgraded target actually surpasses Whirlpool's 52-week high of $204.64.
Benton Harbor-based Whirlpool's stock has been on a steady rise since hitting around $127 a share in mid-January.
