Nomura Securities Maintains a 'Reduce' on 3M (MMM); 1Q Earnings Recap

Nomura Securities maintains a 'Reduce' on 3M (NYSE: MMM).

Nomura analyst, Shannon O’Callaghan, said, "The quarter was a decent beat on 9% organic growth and 6% EPS growth with pressures from pension, Japan, and raws contributing to a difficult comp vs. double-digit organic growth rates and near 20%, if not 30%+, EPS growth rates from some peers in 1Q. The Optical inventory correction looks set to hit in 2Q, adding to $0.07-$0.08 of 2Q Japan pressure which could mean almost no EPS growth in 2Q. Also, Optical attachment rates have dropped sharply since October. Expectations could remain cautious given this backdrop. Maintain 2011/12 estimates and $88 PT (13x our 2012 EPS estimate)."

For more ratings news on 3M click here and for the rating history of 3M click here.

Shares of 3M closed at $95.94 yesterday.

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