3M Co

MMM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$199.00	Clhhq	Qcwwdwtr

3M Earnings: An Overly Gloomy Market Led to Stock’s Rise Following Earnings

Joshua Aguilar

Oct 25, 2023

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.

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