Jefferies Trims Estimates, Ups Price Target on 3M (MMM)
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Price: $91.48 --0%
Rating Summary:
5 Buy, 19 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 10 | New: 6
Rating Summary:
5 Buy, 19 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 10 | New: 6
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Jefferies lifted its price target on Buy-rated 3M (NYSE: MMM) from $120 to $128 but trimmed estimates as they expect order trends to see-saw in the 2nd-half.
Analyst Laurence Alexander comments, "We expect order trends to see-saw into 2H13, with maybe 1%-2% risk to volumes if the summer acceleration does not materialize. We are lowering 2013E $0.05 to $6.75 and 2014E $0.10 to $7.60, but raising our price target $8 to $128 as 3M's FCF profile, balance sheet, and business model should sustain a multiple above the S&P 500. "
The firm cut Q2 EPS estimate from $1.69 to $1.68, FY 2013 from $6.80 to $6.75 and FY14 from $7.70 to $7.60.
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 $111.11 yesterday.
Analyst Laurence Alexander comments, "We expect order trends to see-saw into 2H13, with maybe 1%-2% risk to volumes if the summer acceleration does not materialize. We are lowering 2013E $0.05 to $6.75 and 2014E $0.10 to $7.60, but raising our price target $8 to $128 as 3M's FCF profile, balance sheet, and business model should sustain a multiple above the S&P 500. "
The firm cut Q2 EPS estimate from $1.69 to $1.68, FY 2013 from $6.80 to $6.75 and FY14 from $7.70 to $7.60.
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 $111.11 yesterday.
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