3M's Earnings Impress, Yet Analysts See Long Road Ahead With Cyclical Recovery And PFAS Risks

Analysts boosted the price target for 3M Company (NYSE:MMM) following yesterday’s strong third-quarter results.

The company’s adjusted net sales totaled $6.068 billion, marginally above the consensus of $6.057 billion, and adjusted EPS of $1.98 exceeded the consensus of $1.90.

3M revised FY24 adjusted EPS guidance to $7.20, $7.30 from $7.00, $7.30 versus the consensus of $7.26.

Related: Post-It Maker 3M Q3 Earnings: Sales Growth Slows, Margins Expand, Raises Annual Profit Outlook

BofA Securities analyst Andrew Obin raised the price target to $160 from $143 while maintaining a Buy rating.

The analyst writes that 3M appears cautious about 2025, which he interprets as a reflection of limited macroeconomic visibility rather than an indication of the effectiveness of its internal growth initiatives.

The analyst notes that the company is hesitant to identify an inflection point in the cycle, aligning with the ...