Jefferies Lifts Numbers on 3M (MMM)

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Jefferies boosted estimates its price target on Buy-rated 3M (NYSE: MMM) from $102 to $108.

The firm comments, "We believe 3M's decision to fill the CEO slot internally signals three pivots: more confidence in the existing initiatives and culture; a shift away from filling the growth pipeline with M&A; and a tonal shift to less bravura, more consistency. As a secular play on OEMs outsourcing R&D, and given the strong balance sheet and short-cycle business model, we reiterate our Buy rating."

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 $84.63 yesterday, with a 52 week range of $68.63-$98.19.

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