3M's Earnings Impress, Yet Analysts See Long Road Ahead With Cyclical Recovery And PFAS Risks
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.
分析师提高了300万公司（纽交所：3m）的目标股价，这是在昨天强劲的第三季度业绩之后。
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.
该公司调整后的净销售额达到了60.68亿美元，略高于60.57亿美元的共识，调整后的每股收益为1.98美元，超过了1.90美元的共识。
3M revised FY24 adjusted EPS guidance to $7.20 – $7.30 from $7.00 – $7.30 versus the consensus of $7.26.
300万将FY24调整后的每股收益指引从7.00-7.30美元上调至7.20-7.30美元，相对于7.26美元的共识。
Related: Post-It Maker 3M Q3 Earnings: Sales Growth Slows, Margins Expand, Raises Annual Profit Outlook
相关：发帖品牌300万第三季度盈利：销售增速放缓，利润率扩大，提高年度利润展望
BofA Securities analyst Andrew Obin raised the price target to $160 from $143 while maintaining a Buy rating.
美银证券分析师Andrew Obin将目标股价从143美元上调至160美元，并维持“买入”评级。
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.
分析师指出，300万对2025年可能持谨慎态度，他将此解读为对宏观经济前景的限制性看法，而不是对内部增长计划有效性的迹象。
The analyst notes that the company is hesitant to identify an inflection point in the cycle, aligning with the messages from other multi-industrial companies in his coverage that are exposed to short cycles.
分析师指出，该公司不愿意确定周期变化的拐点，这与他所关注的其他暴露于短周期行业的多元化工业公司传达的信息相一致。
Increased volumes during a cyclical recovery should significantly enhance 3M's margins, adds the analyst.
分析师表示，周期复苏期间增加的销量应显著提升3M的利润率。
Obin writes that 3M's growth profile has become more cyclical relative to the PMI during economic slowdowns, likely due to fewer new product launches in recent years.
Obin指出，3m的增长模式在经济放缓期间相对于PMI更具周期性，这可能是由于近年来新产品推出较少。
Reaccelerating organic growth throughout the cycle is a key focus for the CEO, but cyclical leverage is expected to be the primary driver of earnings growth in the coming quarters, adds the analyst.
CEO将在整个周期内重新加速有机增长作为重点，但周期性杠杆预计将成为未来几个季度收益增长的主要推动力，分析师补充道。
The analyst maintains 2024 EPS at $7.30, which is at the high end of 3M's guidance.
分析师保持2024年每股收益在7.30美元，处于3m指导的高端。
Apart from this, RBC Capital Markets analyst Deane Dray increased the price target to $100 from $99 and reiterated the Underperform rating.
此外，RBC资本市场分析师Deane Dray将价格目标从99美元调高至100美元，并重申了卖出评级。
The analyst writes that despite CEO Bill Brown's effective strategies for tackling 3M's operational weaknesses, the company is still in the early stages of what is expected to be a multi-quarter to multi-year (and sometimes disruptive) turnaround.
分析师写道，尽管CEO比尔·布朗针对3m的运营弱点采取了有效策略，但公司仍处于被预期为多个季度甚至多年（有时会带来颠覆性）的重组工作的初期阶段。
Looking forward, five categories of unaddressed PFAS liabilities remain, which could present a multi-billion-dollar risk to the company, adds the analyst.
展望未来，分析师指出有五类未解决的PFAS责任存在，这可能给该公司带来数十亿美元的风险。
The analyst raised adjusted EPS estimates to $7.25 (from $7.20) for FY24 and $7.90 (from $7.80) for FY25.
分析师上调了对FY24的调整每股盈利预期，从7.20美元上调至7.25美元，对FY25的调整每股盈利预期也从7.80美元上调至7.90美元。
Investors can gain exposure to the stock via ProShares Smart Materials ETF (NYSE:TINT) and FT Vest DJIA Dogs 10 Target Income ETF (BATS:DOGG).
投资者可以通过ProShares智能材料etf（纽约证券交易所:TINT）和Ft Vest道琼斯狗狗10目标收入etf（BATS:DOGG）来获得该股的曝光。
Price Action: MMM shares are down 3.91% at $126.58 at the last check Wednesday.
价格走势：3m股票在上周三最后一次交易时下跌了3.91%，报126.58美元。
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