3M Co. (MMM): Cutting PT On Expectations For Weak Outlook - Jefferies
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Jefferies analyst, Lawrence Alexander, reiterated his Buy rating on shares of 3M (NYSE: MMM) but cut his price target to $200 on the belief that 3M's 2017 outlook could be weak due to concerns on cost pressures and F/X. Key factors include the commentary on customer behavior into year end (as a risk to both Q4 and 1Q17) and emerging market industrial trends.
By 2H17, the discussion should shift to 3M's own pricing power and productivity as levers for 2018-2019 are reinforced by likely favorable moves in the outlook for taxes, pension and buybacks.
The $200 PT drops from $210 to $200.
Shares of 3M closed at $173.49 yesterday.
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