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MMM

3M

$204.57

-0.24 (-0.12%)

18:09
08/20/18
08/20
18:09
08/20/18
18:09

3M initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Joshua Pokrzywinski initiated 3M with an Equal Weight rating and a price target of $212. The analyst notes that the company has managed risks appropriately to prepare for a potential 2019 slowdown across the industrials, but adds that its valuation still puts it at only a modest peer group relative discount from the historical perspective, stating that there is little upside to valuation from the stock's current levels.

MMM 3M
$204.57

-0.24 (-0.12%)

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.
07/12/18
DBAB
07/12/18
DOWNGRADE
Target $208
DBAB
Hold
3M resumed with a Hold from Buy at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase resumed coverage of 3M with a Hold rating and $208 price target, a downgrade from her firm's prior Buy rating. The analyst is "relatively cautious on short-cycle industrials," saying the second derivative of growth is turning negative.
07/31/18
ARGS
07/31/18
NO CHANGE
Target $240
ARGS
Buy
3M offers attractive entry point, says Argus
Argus analyst John Eade kept his Buy rating and $240 price target on 3M, saying the stock trades at an "attractive" valuation for an entry point based on its recent Q2 earnings beat, continued double-digit growth expectations through 2019, and only a 3% rise in price over the past year. Eade further points to 3M's margin expansion and share buyback program, which have the potential to drive double-digit earnings growth over the course of a 5-year business cycle. The analyst also believes that "3M should get an earnings boost from improving global economic conditions and a stable-to-weaker dollar in 2018-2019", as well as from its focus on innovation leading to development of new products.

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