Barclays Turning Slightly More Positive on 3M (MMM) After Meeting With CEO; But Difficult to Find A Tangible Catalyst

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Barclays maintains an 'Equalweight' on 3M (NYSE: MMM) price target of $95.00.

Analyst, Scott R. Davis, met with 3M's new CEO, Inge Thulin, and called him 'refreshing', practical and more realistic. Thulin sees 3M's growth prospects at around 5-6% compared to 7-8% from previous CEO. The new CEO has also boosted morale by implementing more realistic goals and being more customer/marketing focused.

Davis thinks 3M and Dover (NYSE: DOV) are the most out of favor names in the industrial sector, noting that near-term catalysts are hard to find. He remains Equalweight rated, but has turned more positive on shares.

For an analyst ratings summary and ratings history on 3M click here. For more ratings news on 3M click here.

Shares of 3M closed at $86.83 yesterday, with a 52 week range of $68.63-$98.19.

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