3M Co
MMM: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$59.00 | Tthlx | Lvxmnvsn |
3M Earnings: An Overly Gloomy Market Led to Stock’s Rise Following Earnings
Nothing in narrow-moat-rated 3M’s third-quarter results materially alters our long-term view. We raise our fair value estimate to $124 from $123 following our Oct. 24 valuation change, when we downgraded 3M’s moat to narrow from wide. 3M’s third-quarter earnings beat our expectations; however, quarterly adjusted revenue was right in line and business segment operating profits dipped slightly below what we had penciled in.