3M: Biggest price drop in five years - analysts with reduced price targets and cautious outlook. Reactions from the financial world.

3M: Biggest price drop in five years - analysts with reduced price targets and cautious outlook. Reactions from the financial world.

According to a report by www.deraktionaer.de,

Slump instead of an outbreak: According to the quarterly figures, the conglomerate and dividend classic 3M recorded its biggest price drop in around five years. The disappointment came from the profit outlook for 2024, which was below expectations. The forecast earnings per share of $9.35 to $9.75 disappointed analysts, who had expected closer to $9.90. As a result, several analysts reduced their price targets on 3M stock.

Goldman Sachs lowered its price target to $111 from $115 and remains at Hold, while Wells Fargo and Citi also cut their price targets on 3M shares. The majority of analysts now recommend a “hold,” while the consensus price target is $107.69. There is speculation that the dividend may not be maintained due to the complex restructuring and legal costs.

The uncertainty surrounding dividends and the disappointing quarterly figures have led to a significant decline in 3M's share price. This development could lead to a loss of investor confidence and a weakening of 3M's position in the market. The share is a SHAREHOLDER recommendation, but developments must be followed closely to assess the impact on the market and the industry.