Nomura Securities Upgrades 3M (MMM) to Buy

December 11, 2013 7:45 AM EST
Get Alerts MMM Hot Sheet
Price: $200.49 +0.71%

Rating Summary:
    7 Buy, 11 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 12 | New: 23
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Nomura Securities upgraded 3M (NYSE: MMM) from Neutral to Buy with a price target of $150.00 (from $128.00).

"Organic growth is accelerating, capital allocation is turning positive, and margins may even have room to rise a bit, all suggesting to us that EPS growth could surprise to the upside versus current consensus estimates for 2014 and 2015," analyst Shannon O'Callaghan states. "We expect all of that to benefit 3M’s P/E, driving a potentially expanded and sustained higher multiple for 3M under the current Thulin/Meline management team."

The firm sees FY 2013 EPS at $6.75 and FY 2014 EPS at $7.50.

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 $127.55 yesterday.

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