3M Co (NYSE:MMM) reported better-than-expected third-quarter financial results and raised FY23 earnings guidance.
3M reported third-quarter FY23 adjusted net sales of $8.02 billion, a decline of 3% year-over-year, beating the consensus of $7.97 billion. Adjusted EPS was $2.68 compared to $2.60 in 3Q22, beating the consensus of $2.34.
3M said it now sees FY23 adjusted EPS to be in the range of $8.95-$9.15 from prior forecast of $8.60-$9.10.
3M shares fell 0.9% to trade at $89.32 on Wednesday.
These analysts made changes to their price targets on 3M following earnings announcement.
- Barclays raised the price target on 3M from $96 to $98. Barclays analyst Julian Mitchell maintained an Underweight rating.
- Citigroup increased the price target on 3M from $95 to $97. Citigroup analyst Andrew Kaplowitz maintained a Neutral rating on the stock.
- JP Morgan boosted the price target on 3M from $104 to $105. JP Morgan analyst Stephen Tusa maintained a Neutral rating.
- RBC Capital lowered the price target on 3M from $85 to $83. RBC Capital analyst Deane Dray maintained an Underperform rating.
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