Sterne Agee Maintains Neutral, $83 Target on 3M

In a flash note, Sterne Agee reiterates its Neutral rating and $83 target price on 3M Co.

as display and graphic data points are not encouraging for the company. Sterne Agee notes, “Lower tablet and TV sales will be a negative for MMM's Display and Graphics segment, which we currently estimate to have a 10% y-o-y revenue decline in 4Q11. … We believe the company will detail the components of the 3-4% organic growth, on-going restructuring initiatives, especially at Display & Graphics, and highlight the strength in Healthcare and Consumer & Office which are now increasingly dependent on Emerging Market growth as Europe slides into recession. We would also be interested MMM's succession planning.” MMM closed at $77.24 per share on Tuesday.