3M "buy," target price reduced

31.01.08 - Deutsche Securities

NEW YORK, January 31 (newratings.com) - Analysts at Deutsche Bank Securities reiterate their "buy" rating on 3M Company (MMM). The target price has been reduced from $105 to $100.

In a research note published yesterday, the analysts mention that the company has reported in-line 4Q results, driven by its high quality and stable product portfolio. The analysts view 3M?s EPS growth target of 10% by 2010 as conservative, in view of the company?s robust growth prospects, driven by improved productivity and reduced costs. Increased capacity and R&D, along with the company?s exposure to emerging markets, are also expected to boost 3M?s performance going ahead, the analysts add.