Deutsche Bank restated their hold rating on shares of 3M (NYSE:MMM) in a research note issued to investors on Monday, StockRatingsNetwork reports. The firm currently has a $125.00 price target on the stock, up from their previous price target of $114.00.
“3M continues to grow faster than its markets. Valuation fair at 16.3x ’13. Hold. We are maintaining our Hold on 3M. Last week’s Q2 earnings highlighted improving trends across a number of businesses / geographies as 3M continues to grow faster than its end markets. 3M also increased its repurchase plan to $3.5-$4.5B (vs $2B-$3B) as slower M&A activity and lower interest rates (which are positively impacting 3M’s pension plan) are enabling increased cash return to shareholders. Notwithstanding these positive drivers, we believe EPS and share price upside is limited for the remainder of ’13 owing to increased strategic investments (40 bps margin headwind in ’13), FX headwinds (>$0.03 in 2H13) and valuation which is a fair 16.3x ’14E EPS.,” the firm’s analyst commented.
Shares of 3M (NYSE:MMM) traded down 0.03% during mid-day trading on Monday, hitting $117.47. 3M has a 52 week low of $86.74 and a 52 week high of $119.26. The stock’s 50-day moving average is currently $113.6. The company has a market cap of $80.287 billion and a P/E ratio of 18.39.
MMM has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a neutral rating on shares of 3M in a research note to investors on Monday, July 29th. They now have a $123.00 price target on the stock. Separately, analysts at UBS AG raised their price target on shares of 3M from $114.00 to $128.00 in a research note to investors on Monday, July 29th. They now have a buy rating on the stock. Finally, analysts at Nomura raised their price target on shares of 3M from $105.00 to $120.00 in a research note to investors on Friday, July 26th. They now have a neutral rating on the stock.
Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $111.80.
In other 3M news, EVP Brad T. Sauer dumped 17,597 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $116.60, for a total value of $2,051,810.20. The sale was disclosed in a filing with the SEC, which is available at this link.
3M Company (NYSE:MMM) is a diversified technology company with a presence in the industrial and transportation; health care; consumer and office; safety, security and protection services; display and graphics, and electro and communications businesses.
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