Mizuho Reiterates Neutral Rating on 3M (MMM)

Mizuho analyst Brett Linzey reiterated a Neutral rating and $155.00 price target on 3M (NYSE: MMM).

The analyst comments "Solid 2Q EPS beat. MMM reported adj. EPS of $2.16, above the Street at $2.01 and our estimate at $1.96. Segment OP was 10c above the Street, driven by T&E, 8c above expectations. Adj. OP margin came in at 24.5% (21.6% prior) — expanding +290bps Y/Y. Organic sales increased +1.5% Y/Y (Consensus +1.4%) underpinned by growth across all segments. Adj. FCF came in at $1.3B (110% conversion). During the quarter, MMM returned $1.3B to shareholders (dividends and share repurchases) with ~$900mm derived from buybacks. In 1H, MMM has done ~$2.2B in buybacks. MMM is now on track to exceed its goal of 215 new product launches in '25 after delivering 126 in 1H."

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 $159.04 yesterday.

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