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MMM

3M

$175.47

1.28 (0.73%)

11:01
05/14/19
05/14
11:01
05/14/19
11:01

3M Exec. Chairman says 'confident' in ability to manage through challenges

Executive Chairman Inge G. Thulin addressed shareholders for the last time highlighting 3M's 2018 performance at the Annual Meeting of Shareholders in Indianapolis, Ind. CEO Mike Roman takes over the role of chairman of the board effective today. Thulin retires on Jun. 1, 2019, as previously announced. In a brief recap of 2019, Thulin noted softness in a few key end markets contributing to organic growth decreasing companywide and the actions 3M is taking, including an organizational realignment with the objective to improve competitiveness. "Going forward, I remain confident in our ability to manage through the challenges we face while continuing to position 3M for the future," Thulin said. "It has been my honor to serve 3M in different capacities across this incredible company for almost 40 years."

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MMM 3M
$175.47

1.28 (0.73%)

04/29/19
04/29/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Lionsgate (LGF, LGF.A, LGF.B) downgraded to In-Line from Outperform at Imperial Capital with analyst David Miller citing additional promotional expenses related to the Starz international rollout. 2. Occidental Petroleum (OXY) downgraded to Hold from Buy at Jefferies with analyst Jason Gammel saying the company's hostile counter-offer for Anadarko (APC) is a "risky but perhaps necessary move against a better-capitalized bidder for a company that rejected its initial overtures." 3. CVS Health (CVS) downgraded to Neutral from Outperform at Credit Suisse with analyst A.J. Rice saying the stock faces a transitional year as it tries to drive seismic changes in healthcare. 4. Intel (INTC) downgraded to Hold from Buy at Argus with analyst Jim Kelleher citing the company's Q1 earnings miss and reduced FY19 outlook that reflected the company's Data Center Group weakness, which he calls "the linchpin of growth." 5. 3M (MMM) downgraded to Hold from Buy at Gordon Haskett with analyst John Inch downgraded saying his concerns extend beyond the company's Q1 earnings miss and steep guidance reduction. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/29/19
GDHS
04/29/19
DOWNGRADE
Target $185
GDHS
Hold
Gordon Haskett downgrades 3M to Hold on execution concerns
As previously reported, Gordon Haskett analyst John Inch downgraded 3M to Hold from Buy, stating that his concerns extend beyond the company's Q1 earnings miss and steep guidance reduction. Self-help benefits that have been years in the making "have largely evaporated," while the "outsized decremental operating profit realized in the first quarter begs the question whether years of 3M footprint rationalization have actually made things worse," Inch tells investors in his downgrade note. 3M's response of cutting about 2% of the company's workforce doesn't seem "all that aggressive," added Inch, who wonders if it in fact may be an insufficient response. He lowered his price target on 3M shares to $185 from $222.
04/29/19
GDHS
04/29/19
DOWNGRADE
GDHS
Hold
3M downgraded to Hold from Buy at Gordon Haskett
04/26/19
04/26/19
DOWNGRADE

Hold
3M downgraded to Hold from Buy at Argus
As previously reported, Argus analyst John Eade downgraded 3M to Hold after its Q1 earnings miss, saying the company has continued to "stumble" while "no longer delivering the consistent results that led to customary high valuations." The analyst notes that earnings could have been even worse, since the quarter did not include the $783M litigation-related charge. Eade expects 3M earnings and cash flows to be "challenging for several quarters" after Q1 commentary also revealed weakness in the company's end markets and "lackluster execution," but added that he would consider an upgrade if valuations on the stock compress toward the lower end of the company's historical range.

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