Jefferies cuts 3M PT on inflation worries
14/03/2022 10:10
** Jefferies cuts PT of industrial giant 3M Co MMM.N to
$161 from $186
** Brokerages lowers 3M estimates to reflect end-market
risks, new wave of inflation due to recent surge in oil and
metal prices
** Brokerage lowers 2022 EPS estimate by 2% to $10.00 vs
consensus of $10.39 and 2023 estimates by 6% to $10.50 vs
consensus of $11.12
** MMM, last week, suspended its business in Russia
urn:newsml:reuters.com:*:nL3N2VC3VV
** 2 of 24 brokerages rate the stock "buy" or higher, 15
"hold" and 7 "sell" or lower; their median PT is $175
** MMM shares gained 1.6% last year
(Reporting by Kannaki Deka in Bengaluru)
((Kannaki.Deka@thomsonreuters.com))