3M "neutral weight," estimates raised

24.04.06 - Prudential Financial

NEW YORK, April 24 (newratings.com) - Analyst Nicholas P Heymann of Prudential Financial maintains his "neutral weight" rating on 3M Corp (MMM), while raising his estimates for the company. The target price is set to $80.

In a research note published on April 21, the analyst mentions that company has reported its 1Q06 EPS marginally ahead of the consensus and the guidance. 3M has achieved the highest organic revenue growth in past several years and its FCF declined by 41%, the analyst says. The company has raised its EPS guidance for 2006 from $4.45-$4.60 to $4.55-$4.65, with organic revenue growth projected at 5.5%-8.0%. The EPS estimate for FY06 has been raised from $ 4.60 to $ 4.61.