Movement Alert｜3M Rises 3.35% in Regular Trading, Multiple Banks Raise Targets After Strong Q2 Earnings Beat

Market Focus07-28

On July 28, 3M rose 3.35% in regular trading, trading at $184.31/share, with turnover of $4.48 billion. The stock continued its post-earnings rally as multiple investment banks raised their target prices following a strong Q2 beat.

JPMorgan raised its price target on 3M to $205 from $180 and upgraded the stock from neutral to overweight. UBS raised its target to $218 from $190, maintaining a Buy rating, projecting 5% organic sales growth by 2027 and approximately $800 million in additional operating profit. Jefferies raised to $191, Citi to $183, and Mizuho to $180. The FactSet consensus mean target now stands at $187.20 with an average overweight rating.

The upgrades followed 3M's Q2 results reported on July 21, in which adjusted EPS of $2.40 beat the $2.25 consensus by 6.67%, with revenue of $6.5 billion also exceeding the $6.405 billion estimate. The company raised full-year adjusted EPS guidance to $8.80-$8.95, above the prior FactSet estimate of $8.74, citing strong sales momentum, productivity gains, and effective capital allocation.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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