Whirlpool of India hits near 7-year low after Jefferies downgrade

Whirlpool of India

27/02/2024 05:42

** Shares of home appliances maker Whirlpool of India
 WHIR.NS  fall 2% to 1,235.1 rupees, lowest level since mid-2017
    ** Jefferies analyst Sonali Salgaonkar downgrades stock to
"underperform" from "hold" 
    ** Flags hyper-competitive market for consumer durables in
India, higher price elasticity amid weak demand 
    ** Slashes PT to 1,125 rupees from 1,265 rupees, which is
~17% below median of 1,360 rupees from 12 analysts, including
Jefferies - LSEG
        ** Salgaonkar is the top rated among 12 analysts for
recommendations on PT, according to LSEG data 
    ** WHIR has declined 21.5% since parent Whirlpool  WHR.N  in
Nov  said it would sell 24% stake
    ** Analysts' median PT on co has been declining for three
straight months since then

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))