3M's Earnings Beat Not Enough: Analyst Stays Neutral After Disappointing Revenue Performance
Portfolio Pulse from Priya Nigam
3M Co (NYSE:MMM) shares dropped after reporting Q1 earnings that slightly beat expectations but disappointed on revenue, with weaker organic growth. BofA Securities analyst Andrew Obin maintained a Neutral rating and $120 price target. Management's guidance for Q1 and 2024 earnings was below consensus estimates. Wall Street consensus views 3M as Neutral, with varied expectations on stock performance.
January 23, 2024 | 4:20 pm
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NEGATIVE IMPACT
3M Co reported earnings above expectations but missed revenue targets, leading to a share price decline. The company's guidance for upcoming earnings is also below consensus estimates.
The negative reaction in 3M's share price is due to the revenue miss and weaker-than-expected guidance, which are key factors investors consider. The maintained Neutral rating and unchanged price target by BofA Securities analyst Andrew Obin suggest no immediate positive catalysts to counter the negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100