Jefferies Expects 3M to Rebound With Economy And More (MMM)

3M MMM hosted analysts this weekend at its Cynthiana, KY plant. 3M is expecting to grow revenues at an 8% CAGR to at least $5 billion by 2014. 3M expects 2Q10 sales to be $6.6-%6.75 billion, above consensus of $6.57 billion, on 16-18% organic volume growth YoY. Jefferies analysts said, "By most metrics 3M trades near cycle lows (12.9x 2011E EPS). Our $110 price target is based on a 50/50 blend of our peak and mid-cycle valuation models and implies 18.0x 2011E EPS." MMM is rated Buy by Jefferies. Shares are trading at $78.55.