Citigroup Keeps Buy on 3M
Citigroup keeps its buy rating on 3M (MMM ).
Analyst Jeffrey Sprague says the 97 cents second-quarter EPS beat his 95 cents estimate and the 96 cents consensus. He says the 9.4% second-quarter revenue growth is below his 10.4% growth estimate, which reflects weaker pricing and less foreign exchange. He believes the guidance may be viewed as a disappointment.
Sprague notes the company guided third-quarter EPS to 97 cents, vs. the 98 cents consensus, and raised the 2004 EPS to $3.72 to $3.75, but he says the consensus was already at $3.75. He says earnings performance isn't as balanced as he had hoped. However, based on earnings, and return-on-invested-capital metrics, he has a $95 target.
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