3M "buy," estimates reduced

26.01.06 - Hilliard Lyons

NEW YORK, January 26 (newratings.com) - Analyst Stephen A O?Neil of Hilliard Lyons reiterates his "buy" rating on 3M Company (MMM), while reducing his estimates for the company. The target price is set to $95.

In a research note published yesterday, the analyst mentions that the company has reported its 4Q revenues marginally short of the expectations due to adverse currency valuations and weak sales at the Health Care segment. 3M?s EPS for the quarter was ahead of the consensus due to margin improvement and lower-than-expected outstanding shares, the analyst says. Hilliard Lyons expresses its optimism regarding the company?s underlying growth prospects. The EPS estimate for 2006 has been reduced to $4.55 to reflect stock option expensing.