3M(US:MMM) Benzinga·2024-10-23 17:57Core Insights - Analysts have increased the price target for 3M Company following strong Q3 results, with adjusted net sales of $6.068 billion and adjusted EPS of $1.98, both exceeding consensus estimates [1] - 3M revised its FY24 adjusted EPS guidance to $7.20 – $7.30, slightly above the consensus of $7.26 [1] - BofA Securities analyst raised the price target to $160 from $143 while maintaining a Buy rating, indicating cautious outlook for 2025 due to limited macroeconomic visibility [1][2] Financial Performance - 3M's adjusted net sales for Q3 were $6.068 billion, marginally above the consensus of $6.057 billion [1] - Adjusted EPS for Q3 was $1.98, exceeding the consensus estimate of $1.90 [1] - FY24 adjusted EPS guidance was revised to $7.20 – $7.30 from $7.00 – $7.30 [1] Analyst Perspectives - BofA Securities analyst noted that 3M's cautious stance regarding 2025 reflects macroeconomic uncertainties rather than internal growth issues [1] - RBC Capital Markets analyst raised the price target to $100 from $99 but maintained an Underperform rating, citing ongoing operational weaknesses [2] - The focus for 3M's CEO is on reaccelerating organic growth, with cyclical leverage expected to drive earnings growth in the near term [2] Future Outlook - There are five categories of unaddressed PFAS liabilities that could pose a multi-billion dollar risk to 3M [3] - Adjusted EPS estimates have been raised to $7.25 for FY24 and $7.90 for FY25 [3] - Current share price is down 3.91% at $126.58 [3]