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3M: Analysts’ Views before Its Q1 Earnings

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Apr. 24 2019, Published 8:14 a.m. ET

Analysts’ consensus on 3M

Investors give higher importance to analysts’ views, recommendations, and target prices when tracking the stock price movement. The number of analysts tracking 3M (MMM) has more or less remained steady. Currently, 19 analysts are actively tracking 3M. Among the analysts, 32% recommended a “buy,” 47% recommended a “hold,” and 21% recommended a “sell.”

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3M’s consensus target price is ~$204.44. The stock is already trading 6.9% above the consensus target price. Recently, positive developments, like the acquisition of M*Modal, pushed the stock prices up. In 2018, 3M downgraded its earnings three times. As a result, most of the analysts recommended a “hold.”

Brokerage recommendations

  • RBC (RY) downgraded 3M to “negative” and recommended a target price of $226, which implies a return potential of 3.4% over the closing price on April 22.
  • Barclays (BCS) cut 3M’s target price to $188 from $189. However, the stock is already trading 16.2% above the recommended target price as of April 22.
  • J.P. Morgan (JPM) cut 3M’s target price to $154 from $158, which implies a decline of 29.5% from the price of $218.54 as of April 22.

Investors could hold 3M indirectly by investing in the iShares U.S. Industrials ETF (IYJ), which has 3.5% of its portfolio in 3M as of April 22.

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