Nomura Securities Maintains a 'Reduce' on 3M (MMM); Quarter Review
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Price: $182.65 --0%
Rating Summary:
15 Buy, 9 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 9 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Reduce' on 3M (NYSE: MMM) price target raised to $80.00.
Nomura analyst, Shannon O'Callaghan, said, "Management’s initial guidance for 2-6% organic sales growth (2%-5% volume plus 0-1% of price) for 2012 continues to be below its long term target of 7-8%. The company noted transient pressures as well as the long time lags that can exist between new product development and translation into meaningful revenues, but we still view the case for premium organic growth as a show-me story. We are raising 2011E EPS to $5.90 on the lower expected tax rate (now seen at 28% for the year vs. prior 28.5%). We raise 2012E EPS to $6.20 and our price target to $80 based on 13x our 2012 EPS estimate (up from previous 12.5x P/E owing to better sector multiples)."
For an analyst ratings summary and ratings history on 3M click here. For more ratings news on 3M click here.
Shares of 3M closed at $82.13 yesterday.
Nomura analyst, Shannon O'Callaghan, said, "Management’s initial guidance for 2-6% organic sales growth (2%-5% volume plus 0-1% of price) for 2012 continues to be below its long term target of 7-8%. The company noted transient pressures as well as the long time lags that can exist between new product development and translation into meaningful revenues, but we still view the case for premium organic growth as a show-me story. We are raising 2011E EPS to $5.90 on the lower expected tax rate (now seen at 28% for the year vs. prior 28.5%). We raise 2012E EPS to $6.20 and our price target to $80 based on 13x our 2012 EPS estimate (up from previous 12.5x P/E owing to better sector multiples)."
For an analyst ratings summary and ratings history on 3M click here. For more ratings news on 3M click here.
Shares of 3M closed at $82.13 yesterday.
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