- Barrons.com•9 hours ago
3M (MMM:NYSE) By Credit Suisse ($176.66, July 26, 2016) Following 3M’s second-quarter earnings, we leave our earnings-per-share estimates largely unchanged -- slight cut to 2017 on pension costs -- and our target price moves up slightly to $186 from $178 to reflect the rerating of key peers. As we flagged in our electrical equipment/multi-industry (EE/MI) second-quarter preview, we did not think that 3M (MMM) had an attractive risk/reward profile heading into this earnings release (in common with most of the very large-cap EE/MI stocks), given its valuation, and it did not look easy to hit the midpoint of the former guidance. From a longer-term standpoint, we find it encouraging that the revised guidance midpoint implies 3M is on track to hit the lower end of its medium-term EPS compounded annualized growth rate (CAGR) target of 8%-11% this year, despite an organic-sales-growth rate which is below the bottom-end of its medium-term target of a 2%-5% CAGR, and despite buyback spending, which is coming in at the low end of its $4 billion-$6 billion placeholder for 2016.
- Market Realist•11 hours ago
3M’s (MMM) operating margins expanded 50 basis points to 24.4% in 2Q16. 3M has benefited from lower year-over-year commodity prices.
After hours: 179.121.14 (0.64%) as of 5:22 PM EDT
|Bid||177.53 x 300|
|Ask||178.49 x 300|
|52wk Range||134.00 - 182.27|
|Day's Range||177.03 - 178.37|
|Avg Vol (3m)||1,939,134|
As of 4:03 PM EDT. Market closed.