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MMM

3M

$155.84

-5.04 (-3.13%)

08:58
08/24/19
08/24
08:58
08/24/19
08:58

3M stock still not looking like a bargain, Barron's says

3M shares are down by more than 16% so far in 2019, far worse than the Dow Jones Industrial Average's 14.4% gain, Al Root writes in this week's edition of Barron's. But bargain-seeking investors shouldn't rush back into the stock, the author notes, with new potential environmental liabilities threatening to erode the premium valuation multiple 3M still enjoys. Reference Link

  • 01

    Oct

MMM 3M
$155.84

-5.04 (-3.13%)

07/09/19
RBCM
07/09/19
DOWNGRADE
Target $176
RBCM
Sector Perform
With reputation 'eroding,' RBC downgrades 3M to Sector Perform
RBC Capital analyst Deane Dray last night downgraded 3M Company to Sector Perform from Outperform and lowered his price target for the shares to $176 from $207. The stock closed Monday down 2% to $169.19. The analyst expects the overhang on the shares from macro pressures and litigation to persist. After an "unsettling string" of guidance cuts, 3M's reputation as a "defensive, high-quality industrial is eroding," Dray tells investors in a research note. Further, PFAS litigation remains an "unquantifiable risk" that is likely to worsen as the product liability class actions escalate, adds the analyst. Dray also sees risk of more guidance cuts from 3M as well as limited capital allocation catalysts.
07/09/19
07/09/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 3M (MMM) downgraded to Sector Perform from Outperform at RBC Capital with analyst Deane Dray expecting the overhang on the shares from macro pressures and litigation to persist. 2. Marriott (MAR) and Hilton (HLT) downgraded to Neutral from Overweight at JPMorgan, while Ryman Hospitality (RHP) and CorePoint Lodging (CPLG) were downgraded to Underweight from Neutral. 3. Alcoa (AA) downgraded to Neutral from Outperform at Macquarie. 4. First Business Financial (FBIZ) downgraded to Neutral from Buy at DA Davidson with analyst Kevin Reevey saying the rating change is driven purely by the recent 33% advance in the stock price from its 52-week lows to within 6% of its 52-week highs. 5. Myriad Genetics (MYGN) downgraded to Market Perform from Outperform at Cowen with analyst Doug Schenkel citing a combination of lower overall conviction in Myriad and a less attractive relative valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/26/19
FBCO
07/26/19
NO CHANGE
Target $194
FBCO
Outperform
3M price target raised to $194 from $180 at Credit Suisse
Credit Suisse analyst John Walsh raised his price target for 3M to $194 from $180 and maintained an Outperform rating following better than expected Q2 results. In a research note to investors, Walsh says he thinks the stock can grind higher given an organic sales growth inflection in the second half, on easing year ago comparisons coupled with market stabilization, which supports a 13X EV/EBITDA valuation. He cautions that environmental liabilities remain an overhang, with updates expected in the first quarter of 2020 and later in 2020.
08/06/19
JPMS
08/06/19
NO CHANGE
Target $143
JPMS
Underweight
JPMorgan's Tusa cuts 3M target to $140, keeps Underweight on shares
JPMorgan analyst Stephen Tusa lowered his price target for 3M to $140 from $143 and keeps an Underweight rating on the shares. While headlines for the company's Q2 results "looked like a clear beat to low expectations," the internals of the quarter support a negative thesis, Tusa tells investors in a research note titled "The 'Model' Is Broken." 3M is "far from out of the woods" around its structural challenges, "which is an inability to grow both sales and margins, driven by a higher cost to serve the customer than in the past, unmasked when volumes decline," contends the analyst.

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