Is 3M Stock Going to $111? 1 Wall Street Analyst Thinks So.
Wall Street analysts are updating their ratings and price targets on 3M (NYSE: MMM) in light of the consumer and industrial conglomerate's recent first-quarter earnings report. Here's a rundown.
RBC Capital maintained an "underperform" rating but raised the price target to $87 from $78 amid concern that 3M's implied dividend cut would lead to forced selling when it declared in May. Citi nudged its price target up to $100 while maintaining a "neutral" rating, and hiked its price target by $5 to $112 and maintained an "overweight" rating.
The most eye-catching update was from J.P.Morgan analyst Steve Tusa, who upgraded to "overweight" from "neutral" even as he only increased the price target by a dollar to $111. Two positive drivers he cited were the company's valuation (14 times the midpoint of management's earnings guidance) and management's decision to finally bite the bullet and cut its dividend.
Source Fool.com
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