3M: Jefferies cuts earnings estimates for 2020
(CercleFinance.com) - Jefferies has confirmed its neutral rating on the 3M stock, with a target price of 145 dollars.
Jefferies has decided to further reduce its 2020 EPS estimate by 9% to 8.30 dollars, to take into account difficulties in the aerospace, automotive and - to a much lesser extent - stationery and office supplies markets, albeit somewhat offset by the group's health and safety businesses.
"Our top-down model is much more pessimistic on the US industrial outlook, but we believe it is still too early to gauge the offset due to stimulus," Jefferies says.
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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.
Jefferies has decided to further reduce its 2020 EPS estimate by 9% to 8.30 dollars, to take into account difficulties in the aerospace, automotive and - to a much lesser extent - stationery and office supplies markets, albeit somewhat offset by the group's health and safety businesses.
"Our top-down model is much more pessimistic on the US industrial outlook, but we believe it is still too early to gauge the offset due to stimulus," Jefferies says.
Copyright (c) 2020 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.