Analyst Julian Mitchell of Credit Suisse reiterated an Outperform rating for 3M Co (NYSE:MMM) with a raised price target of $186, marking a 4.6% increase from current levels. This rating came after the company’s Q2 earnings. Following earnings, the analyst kept his EPS estimates unchanged. Mitchell thinks that the company has a chance to perform better in the short-term due to its “2016 EPS guide mid-point [being] lowered by $0.05, and the stock underperform[ing] over the past month.” In the long-term the analyst is encouraged that the “the revised guidance mid-point implies MMM is on track to hit the lower end of its medium-term EPS CAGR target of 8- 11% this year.” This is despite lower organic sales rate and buy-back spending that is “coming in at the low-end of its $4-6 billion placeholder for 2016.”
According to TipRanks, Mitchell has a success rate of 76% with an average return of 8.6% per recommendation.
