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MMM

3M

$159.79

-0.8 (-0.50%)

07:16
06/03/19
06/03
07:16
06/03/19
07:16

3M price target lowered to $197 from $221 at Citi

Citi analyst Andrew Kaplowitz lowered his price target for 3M to $197 from $221 while maintaining a Buy rating on the shares after hosting investor meetings with management. The company is facing a "series of headwinds," such as continued destocking, digesting complex business transformation, and dealing with the increasing uncertainty of PFAS liability, Kaplowitz tells investors in a research note. However, the "bones" of 3M are strong, adds the analyst. He sees the "distinct possibility" that 3M can begin to come out of its "malaise" in the second half of 2019 and in 2020.

  • 05

    Jun

  • 25

    Jul

MMM 3M
$159.79

-0.8 (-0.50%)

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
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.
05/17/19
JPMS
05/17/19
NO CHANGE
Target $143
JPMS
Underweight
3M price target lowered to $143 from $154 at JPMorgan
JPMorgan analyst Stephen Tusa lowered his price target for 3M to $143 from $154 after cutting his estimates to a Street low. Estimates for 3M "are far from reset, further laid bare by a cut to the buyback," Tusa tells investors in a research note. The analyst sees "neither defense, nor growth" at the company and maintains an Underweight rating on the shares. He points out that 3M's guidance calls for a second-half acceleration and that the company faces "record high inventories not seen in the 15 years of data."
05/24/19
JEFF
05/24/19
NO CHANGE
Target $185
JEFF
Hold
3M likely to further temper expectations for Q3, says Jefferies
Jefferies analyst Laurence Alexander expects 3M in the near-term will to further temper expectations for its fiscal Q3 given "recent exogenous shocks to customer sentiment." Short-cycle indicators suggest that commentary on order books in the next few weeks will likely be a "touch worse than expected," and currency remains a headwind, Alexander tells investors in a research note. Further, Acelity accretion next year will likely be offset by incremental headwinds from adverse currency moves, softness in European automotive and industrial activity, and risks to consumer confidence in the U.S., Alexander adds. He lowered his 2019 earnings per share estimate for 3M to $9.30 from $9.60, 2020 estimate to $10.15 from $10.35 and 2021 estimate to $10.80 from $10.90. The analyst also trimmed his price target for the shares to $185 from $191 and keeps a Hold rating on the name.

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