Analyst Note| Joshua Aguilar |
After reviewing wide-moat 3M’s first-quarter results, we decrease our fair value estimate by 3% to $186, in line with the price action on the trading day. We raised our revenue assumptions, since 3M is running surprisingly ahead of our prior projections (thanks to price increases). That said, we reduced our full-year operating margin projections by 120 basis points. This brought our GAAP down to $9.99 from $10.53 previously. This implies adjusted EPS of $10.88.