On July 21, 3M rose 4.07% in pre-market trading, trading at $167.5/share, with turnover of $441,400. The move was triggered by the company's Q2 earnings release before market open, amid a backdrop of multiple positive catalysts.
3M released its second-quarter financial results ahead of the bell, with market consensus expecting adjusted EPS of $2.25 (up 11.48% YoY) and revenue of $6.41 billion (up approximately 4.79% YoY). The prior quarter saw revenue of $6.003 billion with a gross margin of 40.73% and adjusted EPS of $2.14.
Multiple analyst actions have bolstered sentiment in recent sessions. JPMorgan upgraded 3M from Neutral to Overweight on July 17, raising its target price to $180. Bernstein also raised its target price to $140 on July 20. The average analyst rating stands at Overweight with a mean target of $175.40. Additionally, 3M announced a strategic partnership with Microsoft on July 15 to advance AI data center infrastructure, with Azure deploying 3M's expanded beam optical technology.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)