Deutsche Bank Updates EPS Estimates on 3M (MMM)

Deutsche Bank updates its estimates on 3M MMM following 3M's 2011 outlook meeting yesterday. In a note to clients, Deutsche Bank writes, "At the meeting, 3M provided 2011 organic volume growth guidance of 5.5-7.5% (versus its long-term target of 7-8%) and EPS guidance of $5.90-$6.10, up 3-6%. The midpoint of '11 EPS guidance ($6.00) is 3% below consensus (of $6.20). To reflect 3M's guidance, we have lowered our ‘11E EPS $0.05 to $6.10." Deutsche Bank maintains its Buy rating and $100 price target on 3M. MMM closed yesterday at $84.19.