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Sterne Agee Maintains Neutral, $83 Target on 3M

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

 

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