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MMM

3M

$198.29

-1.07 (-0.54%)

14:52
06/20/18
06/20
14:52
06/20/18
14:52

New York AG, Governor sue 3M, others over use of hazardous firefighting foam

New York Attorney General Barbara D. Underwood and Governor Andrew M. Cuomo announced a lawsuit against 3M and five other companies to recoup at least $38M in costs incurred by the State in cleaning up environmental contamination caused by toxic chemicals in their products. The suit alleges that the use of firefighting foams made by the companies at military and civilian airports in Newburgh and New Windsor, Southampton, Plattsburgh, and Rome resulted in extensive contamination of soil, fish, and water by perfluorooctane sulfonic acid/perfluoroctane sulfonate and perfluorooctanoic acid/perflurooctanoate. The suit charges that the companies are liable under state law for the contamination caused by their products, based on their conduct manufacturing and marketing products with defective designs, inadequate warning of product dangers, and the creation of a public nuisance. The six companies named in the suit - 3M Company, Tyco Fire Products LP, Chemguard, Inc., Buckeye Fire Equipment Company, National Foam, Inc., and Kidde-Fenwal, Inc. - allegedly designed, manufactured, marketed, and sold foams used for firefighting and firefighting training at Stewart Air National Guard Base and Stewart International Airport, Francis S. Gabreski Airport, former Plattsburgh Air Force Base, and former Griffiss Air Force Base. These firefighting foams contained PFOA or PFOS or compounds that degrade into PFOA and/or PFOS. The foams contained these chemicals to aid in extinguishing flammable liquid fires common to aircraft-related accidents. Reference Link

MMM 3M
$198.29

-1.07 (-0.54%)

05/07/18
WBLR
05/07/18
NO CHANGE
WBLR
Outperform
William Blair says new competition does not change outlook on Align
There were a number of new product introductions this weekend at the American Association of Orthodontists Conference that will compete with Align Technology's (ALGN) Invisalign, William Blair analyst John Kreger tells investors in a research note. These include products from 3M (MMM) and Henry Schein (HSIC), as well as Dentsply Sirona's (XRAY) SureSmile offering, the analyst adds. He views the product offerings as largely in line with expectations, noting that his fundamental outlook on Align has not changed. Investors were well aware of looming competition, specifically from 3M, and the capabilities of the products introduced at the show were largely in line with expectations, Kreger contends. He continues to expect that clear aligners will take share from wires and brackets and maintains an Outperform rating on Align Technology.
05/16/18
JEFF
05/16/18
DOWNGRADE
Target $220
JEFF
Hold
3M downgraded to Hold from Buy at Jefferies
Jefferies analyst Laurence Alexander downgraded 3M to Hold and lowered his price target for the shares to $220 from $250. The analyst sees less room for multiple expansion in a rising interest rate environment and feels the risk/reward "looks increasingly challenging at this point."
05/16/18
05/16/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 3M (MMM) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander saying he sees less room for multiple expansion in a rising interest rate environment and feels the risk/reward "looks increasingly challenging at this point." 2. Vipshop (VIPS) downgraded to Sector Weight from Overweight at KeyBanc with analyst Hans Chung saying he sees uncertainties around Tencent (TCEHY) and JD.com (JD) contributions ahead, which drove high expectations for the top-line growth and multiple expansion, and sees margin pressure likely to continue driven by sector competition and the company's hike in marketing expenses to grow new customer organically. 3. PPG (PPG) downgraded to Hold from Buy at Jefferies with analyst Laurence Alexander saying persistent concerns over pricing lagging higher oil-derived raw material costs, end market risk and the reliance on buybacks to protect earnings growth could "easily" move PPG's relative multiple to 10%-15% below the market over the next two years. 4. BT Group (BT) downgraded to Market Perform from Outperform at Bernstein. 5. F5 Networks (FFIV) downgraded to Neutral from Buy at DA Davidson with analyst Mark Kelleher saying the positive factors working in the company's favor, such as its ongoing new iSeries product cycle, high gross margins, strong cash flows, and the application of it security solutions have become increasingly more evident after its last earnings report and have since been reflected in the valuation on the stock. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/08/18
SBSH
06/08/18
NO CHANGE
Target $263
SBSH
Buy
3M growth should 'register solidly' within guidance, says Citi
In a research note titled "Brite Days Ahead for 3M," Citi analyst Andrew Kaplowitz says 3M remains the same company that earlier in the year hit relative valuation highs on the strength of its core brands and innovation. Further, management's business transformation efforts continue to improve the company, Kaplowitz writes. He is confident that 3M's core growth should "register solidly" within the company's 3%-4% 2018 guidance despite more difficult second half comparisons. He keeps a Buy rating on the shares with a $263 price target.

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$NYE

NYSE Market Internals

$0.00

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$40.80

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$10.37

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Lionsgate

$23.88

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, LGF.B

Lionsgate

$22.65

-0.3 (-1.31%)

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$41.15

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AXP

American Express

$102.98

1.84 (1.82%)

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ON

ON Semiconductor

$24.24

0.34 (1.42%)

16:12
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BMCH

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$47.94

-0.065 (-0.14%)

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KMI

Kinder Morgan

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16:09
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