3M "buy," target price raised

04.05.06 - Deutsche Securities

NEW YORK, May 4 (newratings.com) - Analyst David Begleiter of Deutsche Bank Securities reiterates his "buy" rating on 3M Company (MMM), while raising his estimates for the company. The target price has been raised from $95 to $100.

In a research note published yesterday, the analyst mentions that the company has changed its focus from margin expansion to revenue growth. 3M has adopted a unique strategy on focus, capital spending, resourcing and compensation to attain organic and EPS growth of more than 8% and 12%-15%, respectively, the analyst adds. The EPS estimate for 2007 has been raised from $5.15 to $5.25.