UBS Maintains a 'Buy' on 3M (MMM); Organic Growth Slows Further
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Price: $178.96 +0.49%
Rating Summary:
15 Buy, 9 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
15 Buy, 9 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UBS maintains a 'Buy' on 3M (NYSE: MMM) price target lowered by $1 to $88.00.
UBS analyst says, "3Q miss from electronics, LCD, Western European weakness, and destocking: 3Q EPS of $1.52 missed consensus $1.61. Organic volume of +1.9% was a further deceleration from last quarter, and 3M cut its 2011 organic volume growth expectation to +3-4%, from +6-7.5%. FY11 guidance was reduced to $5.85-$5.95 (was $6.10-$6.25) vs. consensus $6.16. 3M raised its share repurchase target for this year to $2.5-3.0B, from $2.0-$2.5B. The company has not cut back on growth investments, but it is aggressively reducing costs in the most affected businesses and geographies." (UBS lowers FY11 EPS estimate from $6.00 to $5.90 and FY12 from $6.45 to $6.30)
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.
UBS analyst says, "3Q miss from electronics, LCD, Western European weakness, and destocking: 3Q EPS of $1.52 missed consensus $1.61. Organic volume of +1.9% was a further deceleration from last quarter, and 3M cut its 2011 organic volume growth expectation to +3-4%, from +6-7.5%. FY11 guidance was reduced to $5.85-$5.95 (was $6.10-$6.25) vs. consensus $6.16. 3M raised its share repurchase target for this year to $2.5-3.0B, from $2.0-$2.5B. The company has not cut back on growth investments, but it is aggressively reducing costs in the most affected businesses and geographies." (UBS lowers FY11 EPS estimate from $6.00 to $5.90 and FY12 from $6.45 to $6.30)
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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