3M: Credit Suisse trims earnings estimates
(CercleFinance.com) - Credit Suisse is trimming its first-quarter earnings estimates for 3M after the group's CEO confirmed that organic growth was flat-to-slightly negative through February due to continued weakness in automotive and electronics in China/APAC.
In a note to clients, the broker - which maintains its "outperform" rating and 220-dollar target price on the stock - highlights that APAC is a highly profitable region, and thus expects mix pressure in the first quarter.
Credit Suisse said it sees risk to the high end of 2019 EPS guidance, based on lower organic sales growth, considering that it has a current guidance of 1%-4%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note to clients, the broker - which maintains its "outperform" rating and 220-dollar target price on the stock - highlights that APAC is a highly profitable region, and thus expects mix pressure in the first quarter.
Credit Suisse said it sees risk to the high end of 2019 EPS guidance, based on lower organic sales growth, considering that it has a current guidance of 1%-4%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.