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MMM

3M

$191.20

0.87 (0.46%)

, JCI

Johnson Controls

$41.93

1.04 (2.54%)

08:20
03/16/17
03/16
08:20
03/16/17
08:20

3M to acquire Scott Safety from Johnson Controls for $2B

3M (MMM) announced that it has entered into a definitive agreement to acquire Scott Safety from Johnson Controls (JCI) for a total enterprise value of $2B. Scott Safety is a premier manufacturer of innovative products, including self-contained breathing apparatus systems, gas and flame detection instruments, and other safety devices that complement 3M's personal safety portfolio. On a GAAP reported basis, 3M estimates the acquisition to be 10c dilutive to earnings in the first 12 months following completion of the transaction. Excluding purchase accounting adjustments and anticipated one-time expenses related to the transaction and integration, 3M estimates the acquisition to be 10c accretive to earnings over the same period. The effective enterprise value multiple is approximately 11 times estimated annual adjusted EBITDA for the first 12 months following completion of the transaction, including expected run rate synergies. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, regulatory approvals, and information or consultation requirements with relevant works councils. 3M will finance the transaction through a combination of cash and debt. Scott Safety employs approximately 1,500 people worldwide and is headquartered in Monroe, N.C. Citi and Goldman, Sachs & Co. acted as financial advisors to 3M and Cleary Gottlieb Steen & Hamilton LLP acted as legal counsel to 3M.

MMM

3M

$191.20

0.87 (0.46%)

JCI

Johnson Controls

$41.93

1.04 (2.54%)

MMM 3M
$191.20

0.87 (0.46%)

12/07/16
12/07/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. 3M (MMM) upgraded to Sector Perform from Underperform at RBC Capital with analyst Deane Dray citing her belief that President-elect Trump's policies will provide "a second wind" to the economic expansion and the recent downturn in the stock. 2. Discover (DFS) upgraded to Outperform from Neutral at Wedbush. 3. Patterson-UTI (PTEN) upgraded to Neutral from Underweight at JPMorgan with analyst Sean Meakim citing the company's frac exposure and improved balance sheet. 4. AutoZone (AZO) upgraded to Overweight from Neutral at JPMorgan with analyst Christopher Horvers citing improved fundamentals and expectations for comp acceleration amid easier comparisons. 5. Avery Dennison (AVY) upgraded to Neutral from Underperform at BofA/Merrill with analyst George Staphos citing relative valuation and macro factors and said Avery is positive correlated to the U.S. 10-year yield. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/13/16
JPMS
12/13/16
NO CHANGE
JPMS
Neutral
3M outlook for FY17 'a bit better' than expected at JPMorgan
JPMorgan analyst C. Stephen Tusa Jr. noted that 3M management maintained their FY16 EPS estimate of $8.15-8.20, but now see Q4 results coming in at the low end of that view. The company also gave FY17 EPS guidance of $8.45-$8.80, which compares to his estimate of $8.50 and the consensus forecast of $8.66, he noted. With sentiment "mostly negative" ahead of the event, the analyst said he expects a "modestly positive" reaction to the guidance and kept a Neutral rating on 3M shares.
12/19/16
ROTH
12/19/16
NO CHANGE
Target $9
ROTH
Buy
Roth Capital remains bullish on Mitek Systems
Roth Capital analyst Darren Aftahi remains "quite bullish" on Mitek Systems (MITK), and believes its Mobile ID business should continue to flourish. The analyst sees Gemalto's (GTOMY) recent acquisition of 3M's (MMM) identity management business as not being a competitive threat to Mitek Systems' consumer-facing mobile business, as most of 3M's business was focused around hardware, chip-sets and centered on government-facing entities. He reiterates a Buy rating and $9 price target on Mitek Systems' shares.
02/06/17
BARD
02/06/17
NO CHANGE
BARD
Align Technology could see competitive clear aligner launches ramp, says Baird
Baird said additional details regarding 3M's (MMM) new clear aligner system were posted to the FDA website today, as was a new approval for Dentsply Sirona's (XRAY) MTM clear aligner system. The firm expects 3M's Clear Tray Aligner to be a "full" system, while checks indicate Dentsply's approval modestly expands MTM's overall capabilities. The firm's analyst remains confident in Align Technology's (ALGN) ability to deliver mid-teens+ revenue growth but evidence is growth in that competitive clear aligner launches may ramp later this year.
JCI Johnson Controls
$41.93

1.04 (2.54%)

03/06/17
JPMS
03/06/17
INITIATION
Target $44
JPMS
Neutral
Johnson Controls initiated with a Neutral at JPMorgan
JPMorgan analyst C. Stephen Tusa started Johnson Controls with a Neutral rating and $44 price target. The analyst sees a balanced risk/reward profile at current share levels.
03/06/17
03/06/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Snap (SNAP) initiated with an Underperform at Needham. 2. Johnson Controls (JCI) initiated with a Neutral at JPMorgan. 3. Regency Centers (REG) reinstated with an Equal Weight at Barclays. 4. Limbach Holding (LMB) initiated with a Buy at Roth Capital. 5. Enbridge (ENB) coverage resumed with an Outperform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/13/17
GSCO
03/13/17
DOWNGRADE
Target $44
GSCO
Neutral
Johnson Controls downgraded to Neutral from Buy at Goldman
Goldman Sachs analyst Joseph Ritchie downgraded Johnson Controls to Neutral and lowered his price target for the shares to $44 from $48. The company's guidance is weighted to the second half of 2017, making the stock a show me story for the rest of its fiscal year, Ritchie contends.
03/13/17
OPCO
03/13/17
NO CHANGE
Target $34
OPCO
Outperform
Aqua Metals price target raised to $34 from $16 at Oppenheimer
Oppenheimer analyst Colin Rusch raised his price target for Aqua Metals (AQMS) to $34 from $16 after the company's recent filings and in light of its strategic agreement with Johnson Controls (JCI). The analyst continues to believe this agreement is transformative for Aqua Metals as it provides the company with stable, clearly priced demand for five years, and provides a key licensee for its technology and a partner for using the value-added product of its AquaRefining process. He reiterates an Outperform rating on Aqua Metals' shares.

TODAY'S FREE FLY STORIES

RAVN

Raven

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RIO

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0.065 (0.14%)

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VIAB

Viacom

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Action Economics Survey results »

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TWX

Time Warner

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, DIS

Disney

$103.63

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Periodicals
'Justice League' grosses roughly $16M in opening day in China, Forbes says »

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$NSD

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$NYE

NYSE Market Internals

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PAAS

Pan American Silver

$14.77

-0.12 (-0.81%)

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Conference/Events
Pan American Silver investor and analyst day »

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  • 28

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TJX

TJX

$70.99

1.93 (2.79%)

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PFSW

PFSweb

$6.80

0.21 (3.19%)

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RH

RH

$103.86

-0.95 (-0.91%)

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HAIN

Hain Celestial

$38.49

1.76 (4.79%)

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Options
Hain Celestial call volume above normal and directionally bullish »

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PEG

PSEG

$51.40

0.015 (0.03%)

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AWK

American Water

$89.05

-0.64 (-0.71%)

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COT

Cott Corp.

$16.86

0.36 (2.18%)

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CC

Chemours

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STBZ

State Bank Financial

$28.69

0.21 (0.74%)

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  • 17

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HIBB

Hibbett Sports

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FL

Foot Locker

$40.18

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  • 17

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MS

Morgan Stanley

$48.67

0.065 (0.13%)

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Options
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$NSD

NASDAQ Market Internals

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