Street View: 3M's turnaround story still needs to play out
** Scotch Tape maker 3M MMM.N on Tuesday raised annual profit forecast after strong demand for roofing material, industrial adhesives and electronics equipment boosted Q3 profit
** Shares down 2.1% in morning trading
** At least three analysts raise PT after Q3 results
POSITIVE PLAY ON THE HORIZON
** Jefferies ("hold", PT:$146) sees positive consumer demand to reflect on MMM's earnings within 2-3 quarters of U.S. Federal Reserve crossing 100bps of rate cuts - suggesting better orders in H2 2025and into 2026
** Barclays ("overweight", PT:$165) expects cost-cutting story toplay out in time, but adds EPS growth may be muted in 2025
** RBC Capital Markets ("underperform", PT:$100) says 3M is still in early innings of what is likely a multi-quarter/year turnaround
** RBC notes "restructuring efforts, along with various productivity programs, are contributing to gross margin and net margin improvements"
** Deutsche Bank ("buy", PT: $162) says 3M should be able to improve operating margins, with scope for further improvement over time
Reporting by Pranav Kashyap in Bengaluru
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