11:05 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of $105, down $13, is 7.5x our '24 EPS view of $13.99 (up $0.09; we cut '25's $0.83 to $13.93), below the one-year forward P/E mean. Q1 adj-EPS of $1.78 (-33% Y/Y) beat by $0.11 on revenue of $4.5B (-3% Y/Y), 2% above consensus. A 4% organic decline was led by the North American segment (-8% Y/Y) and Europe (-7%), but was offset by growth in Latin America (8%) and small domestic appliance (SDA; 6.5%). Gross margin declined 210 bps to 14.3%, 110 bps below consensus, attributable to slower cost-take out ramp and mix. Despite the top- and bottom-line beat, WHR maintained its initial 2024 guide. Given the wide guidance range, we think the bottom end is achievable as we anticipate demand destruction stemming from price increases in NAM. Contrary to WHR's belief that it can hold share despite the price increases, we are worried that if peers don't follow with their own price increases, shares may contract. We remain at Hold, given the strength in Latin America (19% of sales) and SDA (4%).