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Citigroup Keeps Hold On 3M

Citigroup keeps hold on 3M (MMM).

Analyst Jeffrey Sprague says stronger-than-expected margins drove 2 cents earnings per share upside as 4.6% revenue growth was below the consensus estimate of 6.5% growth and his estimate of 8.6% growth.

He notes 5 of 7 segments had weaker-than-expected local currency revenue growth. Most concerning was the negative local currency sales growth in Consumer and Electro and Communications, and only 0.6% growth in Display and Graphics.

While the company expects local currency sales growth to accelerate to 4% to 7% in the second quarter, and 5% to 8% for the year, Sprague says this looks challenging. He is concerned tough comparable sales and earnings per share deceleration will hold the stock back.

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