Dover logo

DOV WI - Dover News Story

$75.78 1.5  2.0%

Last Trade - 08/05/18

Sector
Industrials
Size
Large Cap
Market Cap £15.62bn
Enterprise Value £17.43bn
Revenue £4.96bn
Position in Universe th / 6849

BUZZ-3M falls as Citigroup cuts to 'neutral' citing litigation risk

Mon 9th December, 2019 12:26pm
** Shares of industrial conglomerate 3M  MMM.N  down 1%
premarket after Citigroup cuts to "neutral" from "buy" on
potential long-term liabilities related to toxic chemicals
lawsuit
    ** While PFAS-related liabilities weigh on its valuation,
says Citi analyst Anfrew Kaplowitz, the company has the
potential for a return to EPS growth in 2020 and beyond
    ** There is little in the way of near-term catalysts that
could drive MMM back to its historical premium until more
certainty relative to MMM's PFAS-related liability emerges -
Kaplowitz
    ** 3M has faced lawsuits from people exposed to
cancer-linked chemicals called PFAS, used in Teflon, that have
contaminated their water supply
    ** Additionally, Citi says with industrial production having
peaked in December 2018, they view the "industrial cycle" is in
the midst of a mild downturn that could stabilize
    ** Upgrades Fortive Corp  FTV.N  to "buy"; names Emerson
Electric  EMR.N , Dover Corp  DOV.N , Honeywell  HON.N , Quanta
Services Inc  PWR.N , Aecom  ACM.N  and MasTec  MTZ.N  as its
"top picks"

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.