3M Company (MMM.N): Self-Help Momentum Supports Raised ’26 Guide Despite Still Mixed End Markets

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3M Company (MMM.N): Self-Help Momentum Supports Raised ’26 Guide Despite Still Mixed End Markets

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21 Jul 2026 17:29:11 ET │ 13 pages

3M Company (MMM.N)

Self-Help Momentum Supports Raised ’26 Guide Despite Still Mixed

End Markets

CITI'S TAKE

MMM’s 2Q26 results reflect self-help and execution-driven earnings

growth potential that we think should position the company to deliver on its

Neutralraised ’26 guidance as well as support MMM’s longer-term EPS growth

algorithm. Commercial eXcellence and innovation-led new product Price (21 Jul 26 16:00) US$170.76

introductions continue to gain traction and should be an accelerant to Target price US$183.00↑MMM’s topline growth potential (1H26 growth running at ~2x underlying

macro) despite MMM operating in an uneven/mixed demand environment. from US$166.00

While inflationary headwinds continue to linger (higher expected impact Expected share price return 7.2%

from oil inflation creates a ~20bps margin drag), MMM continues to Expected dividend yield 1.8%demonstrate solid operational execution and support its margin

performance through pricing, productivity gains, and AI-enabled efficiency Expected total return 9.0%

initiatives, which combined with volume leverage should support MMM’s Market Cap US$89,063M

long-term earnings growth. Lastly, healthy FCF conversion (MMM raised its

’26 FCF guidance) should continue to support strategic capital deployment

(~$3bn in gross buybacks in 1H26) and further augment EPS growth.

Price Performance

Additional thoughts — While strength in select MMM end markets (such as (RIC: MMM.N, BB: MMM US)

electrical, adhesives, abrasives, semis, aero, data centers) and stabilization/recovery

across other end markets (auto stabilizing, roofing granules returned to growth) are