Nomura Securities maintains a 'Reduce' on 3M (MMM); Q3 Review

Nomura Securities maintains a 'Reduce' on 3M (NYSE: MMM) price target lowered from $79.00 to $75.00.

Nomura analyst, Shannon O’Callaghan, said, "3M’s story is all about accelerating organic growth, but organic growth of 2.8% continued to decelerate and was the lowest in our sector (sector average 7.8% so far in 3Q). The 4Q guide implies around zero volume growth. We agree that 3M is more exposed to short-cycle weakness in electronics and Europe than peers, which is partly why we have been cautious on the stock. While inventory corrections will eventually ease, organic growth is likely to get worse before it gets better. We lower our below-consensus 2011E EPS from $6.00 to $5.85 and 2012E from $6.10 to $6.00."

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

Shares of 3M closed at $77.04 yesterday.

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