On July 27, 3M rose 3.25% in regular trading, trading at $178.095/share, with turnover of $137 million.
The rally was driven by a wave of investment bank upgrades following 3M's Q2 earnings report on July 21, which significantly beat expectations. The company posted adjusted EPS of $2.40 versus the $2.25 consensus estimate, while sales of $6.5 billion topped the $6.405 billion forecast. 3M also raised its full-year adjusted EPS guidance to $8.80-$8.95, above the prior FactSet estimate of $8.74.
In the days since, multiple banks raised their price targets: UBS lifted its target from $190 to $218 while maintaining a Buy rating, Jefferies raised to $191, Citi to $183, Mizuho to $180, and JPMorgan upgraded 3M from Neutral to Overweight with a $180 target. UBS projects 5% organic sales growth by 2027 and approximately $800 million in additional operating profit, supported by new product launches and continued productivity gains. Safety and Industrial segment organic growth of 8.2% was a standout, driven by strength in electrical markets and industrial adhesives.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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