Jefferies Boosts Price Target On 3M (MMM) to $102

Jefferies raised its price target on 3M (NYSE: MMM) from $94 to $102 while reiterating their Buy rating.

The firm comments, "3M's cautious outlook for 2012 included some positives, most notably strength in commercial graphics, QoQ improvement in D&G margins, more confidence on demand stabilization in 1H12, an improving NPVI, and proactive cost-controls. With 3M's short-cycle business positioned to accelerate mid-year, we reiterate our Buy rating."

The firm raised FY12 EPS from $6.02 to $6.20.

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 $87.58 yesterday.

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