3M (MMM) to Release Q3 Earnings: What to Expect and Analyst Sentiment
Get ready for 3M’s (MMM) third-quarter earnings report, scheduled to be released before the market opens on Tuesday, October 22nd. Investors and analysts are eagerly awaiting this release, particularly given the company’s recent performance and the broader economic landscape.
Analyst Expectations
According to analysts, 3M is projected to report earnings of $1.90 per share for the third quarter, a significant decline from the $2.44 per share reported in the same period last year. Revenue is also expected to take a hit, with estimates pointing to $6.06 billion, compared to $7.32 billion a year earlier.
Recent Developments and Key Insights
In a notable development, 3M appointed Anurag Maheshwari as Executive Vice President and CFO on August 1st. This leadership change could have implications for the company’s financial strategy moving forward. The company’s stock has faced some recent headwinds, closing at $134.84 on Monday, down 0.2% from the previous day.
Analyst Opinions and Ratings
To gain a deeper understanding of analyst sentiment surrounding 3M, let’s review some recent ratings and price targets:
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Mizuho (Brett Linzey):
Maintained a Neutral rating and increased the price target from $105 to $146 on October 17th. This analyst boasts a 74% accuracy rate.*
Barclays (Julian Mitchell):
Maintained an Overweight rating and increased the price target from $145 to $160 on October 2nd. This analyst has a 77% accuracy rate.*
Deutsche Bank (Nicole Deblase):
Upgraded the stock from Hold to Buy and boosted the price target from $110 to $150 on July 31st. This analyst has an 81% accuracy rate.*
Argus Research (John Eade):
Upgraded the stock from Hold to Buy with a price target of $145 on July 30th. This analyst has a 77% accuracy rate.*
Citigroup (Andrew Kaplowitz):
Maintained a Neutral rating and increased the price target from $100 to $133 on July 29th. This analyst has an 85% accuracy rate.Concluding Thoughts
With analysts providing a mixed bag of ratings and price targets, investors will be closely watching 3M’s earnings report for clues about the company’s future performance. The announcement is likely to spark considerable market activity, as investors react to the company’s financial results and provide further insight into the overall economic landscape. Keep an eye out for the release on Tuesday, October 22nd, as 3M (MMM) prepares to reveal its Q3 performance.
