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."
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Shares of 3M closed at $159.04 yesterday.