Morgan Stanley Boosts Price Target on 3M (MMM)

Morgan Stanley Boosts Price Target on 3M (MMM)


On Monday, analysts at Morgan Stanley raised the price target on diversified technology company 3M Co (MMM).

The analysts maintain an “Overweight” rating on MMM and see shares reaching $113, up from the previous target of $111. This new valuation suggests a 6% to Friday’s closing price of $106.40.

Morgan Stanley analyst Nigel Coe said, “Although we trim estimates to reflect sharp USD appreciation (especially vs. Yen), we bump up our PT from $111 to $113 as we continue to synchronize our target multiple with 3M’s strong underlying DCF valuation. We believe 3M remains one of the most attractive plays on short cycle re-acceleration. … [V]aluation remains supportive at 15.5x 2013e EPS – largely in line with the group, but we believe that MMM should command a premium given its more stable and consistent earnings structure and significant balance sheet optionality.”

3M shares were down 72 cents, or -0.68%, during morning trading on Monday. The stock is up +18.07% over the past year.

The Bottom Line
Shares of 3M (MMM) have a dividend yield of 2.40% based on Monday’s intraday trading price of $105.68 and the company’s annualized dividend payout of $2.54 per share.

3M Co (MMM) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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