3M (MMM) PT Raised to $195 at Credit Suisse
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Credit Suisse analyst J. Mitchell reiterated an Outperform rating and raised its price target on 3M (NYSE: MMM) to $195.00 (from $186.00) after hosting investor meetings with CFO Nick Gangestad in Canada last week.
Mitchell commented, " Overall, we came away with more conviction that the company's Business Transformation and manufacturing footprint adjustment efforts could drive higher earnings accretion more quickly than consensus currently assumes. Near-term demand is similar to Q2, with Industrial on track for an improving 2H. The company is focused on maintaining an efficient balance sheet structure, amidst currently-high equity valuations. On the other hand, there is little sign of an emerging market demand recovery (and Mexico is potential new area of downside risk to watch), and the company is starting to feel the effects of the rise of OLED in its Electronics business (we have highlighted this theme in several reports). Some European rivals are, belatedly, using currency as a market share weapon in one or two areas. More broadly, it was refreshing / unusual to hear from an EE/MI company that is actually investing organically in its business, and sounded confident in its ability to out-grow global IPI by a wider margin in the longterm. Given the enhanced confidence in our above-consensus forecasts as a result of the productivity efforts, we are raising our TP to $195 from $186, and retain our Outperform rating."
Shares of 3M closed at $180.46 yesterday.
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