Goldman Sachs indicated that shares of appliance manufacturer Whirlpool (WHR) could decline further as the company faces multiple headwinds at both the industry and macroeconomic levels.

The investment bank downgraded Whirlpool's rating from "Buy" to "Neutral," while setting a price target of $53, which implies a 27% upside from Wednesday's closing price.

Analysts at Goldman Sachs stated in a report to clients on Thursday: "We expect ongoing industry and macro pressures to weigh on the company's performance. While we acknowledge Whirlpool's efforts to counter revenue and margin headwinds—including the largest price increase in over 30 years, a cost reduction plan exceeding $150 million, and the successful launch of new products—we believe the benefits from these initiatives could be diminished as operational pressures persist at least through the remainder of this year."

Whirlpool's stock fell approximately 1% in pre-market trading on Thursday. Over the past 12 months, the stock has declined about 50%.