3M Price Target Increased to $128.00 by Analysts at Nomura (MMM)
Investment analysts at Nomura boosted their price objective on shares of 3M (NYSE:MMM) from $120.00 to $128.00 in a note issued to investors on Friday, AR Network reports. The firm currently has a “neutral” rating on the stock. Nomura’s price target would suggest a potential upside of 2.88% from the stock’s previous close.
3M (NYSE:MMM) traded up 0.75% during mid-day trading on Friday, hitting $124.42. The stock had a trading volume of 2,054,269 shares. 3M has a one year low of $86.74 and a one year high of $119.26. The stock’s 50-day moving average is $116.2 and its 200-day moving average is $110.5. The company has a market cap of $85.037 billion and a price-to-earnings ratio of 19.33. 3M also was the recipient of some unusual options trading activity on Thursday. Stock traders bought 24,178 put options on the stock. This is an increase of approximately 620% compared to the average daily volume of 3,358 put options.
3M (NYSE:MMM) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.78 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.75 by $0.03. The company had revenue of $7.92 billion for the quarter, compared to the consensus estimate of $7.85 billion. During the same quarter last year, the company posted $1.65 earnings per share. 3M’s revenue was up 5.6% compared to the same quarter last year. On average, analysts predict that 3M will post $6.60 earnings per share for the current fiscal year.
MMM has been the subject of a number of other recent research reports. Analysts at Morgan Stanley raised their price target on shares of 3M from $121.00 to $123.00 in a research note to investors on Friday. They now have an “equal weight” rating on the stock. Separately, analysts at Barclays raised their price target on shares of 3M from $118.00 to $121.00 in a research note to investors on Friday. They now have an “equal weight” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of 3M in a research note to investors on Friday. They now have a $130.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $123.55.
3M Company (NYSE:MMM) is a diversified technology company with a presence in the industrial and transportation; health care; consumer and office; safety, security and protection services; display and graphics, and electro and communications businesses.
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