Street View: 3M likely to benefit from restructuring plan, price hikes

3M Co

24/01/2024 10:52

** Industrial conglomerate 3M  MMM.N  forecast full-year
earnings below Wall Street estimates on Tuesday, saying the
macro environment "remains muted"
    ** The median PT of 18 brokerages covering the stock is $108
- LSEG
    
    CONSERVATIVE FORECAST
    ** Jefferies ("hold", PT: $100) says productivity gains,
savings from restructuring program and price hikes are likely to
"bolster" margins through 2026
    ** J.P.Morgan ("neutral") says 2024 earnings per share
(EPS)forecast is likely to prove "conservative"
    ** Wolfe Research ("peer perform") says co's legal
settlements and healthcare unit Solventum's spin-off remain on
track and could help the co
    ** 3M last year reached a $10.3 billion settlement with a
host of U.S. public water systems to resolve pollution claims
tied to "forever chemicals"
    ** Bofa Global Research ("neutral", PO: $120) says the Q1
2024 EPS forecast is conservative but reflects some of the macro
uncertainty

 (Reporting by Priyadarshini Basu in Bengaluru)
 ((priyadarshini.basu@thomsonreuters.com))