3M "neutral," target price raised

27.07.07 - Credit Suisse

NEW YORK, July 27 (newratings.com) - Analysts at Credit Suisse maintain their "neutral" rating on 3M Company (MMM), while raising their estimates for the company. The target price has been raised from $86 to $98.

In a research note published this morning, the analysts mention that the company has posted robust results for the latest quarter, with EPS ahead of the estimates and the consensus. 3M has raised its EPS guidance, excluding onetime items, for the year from $4.50-4.80 to $4.70-$5.00. The upward revision in the EPS estimate for 2007 reflects the strength in the recent quarter and trends in the company?s end-markets, the analysts say. The EPS estimates for 2007 and 2008 have been raised from $4.88 to $4.94 and from $5.30 to $5.39, respectively.