Analyst Note
| Joshua Aguilar |After reviewing wide-moat-rated 3M’s fourth-quarter results and rolling our model, we reduce our fair value estimate to $133 from $134 previously. The organic sales growth fell below full-year guidance, 3M’s fourth-quarter sales of $8.08 billion was roughly in line with the revised expectations we made at the start of 2023. Even so, adjusted EPS of $2.28 varied from our estimates by about 3% to the downside.