3M (MMM) PT Lowered to $117 at RBC Capital

RBC Capital analyst Deane Dray lowered the price target on 3M (NYSE: MMM) to $117.00 (from $119.00) while maintaining a Underperform rating.

The analyst commented: "Inline 2Q25; Tepid Reaction More about Positioning/Macro; Underperform-rated 3M’s 2Q25 results matched our recently raised estimates for the higher FX contribution expected this quarter. Updated guidance now includes a modest -10c net headwind from tariffs (previously tariffs were excluded and sized at a 20c-40c headwind). Despite guidance being raised ~2% above consensus and incremental positives on new-CEO Bill Brown’s turnaround initiatives, the stock underperformed. We attribute the tepid reaction partly to the underwhelming 2% organic revenue outlook and arguably more to positioning/macro. PFAS risk is back on the radar screen with personal injury cases starting in Oct-2025 and +30 state AGs pushing for near-term settlements."

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