3M (MMM) PT Raised to $105 at Jefferies

Jefferies analyst Laurence Alexander raised the price target on 3M (NYSE: MMM) to $105.00 (from $100.00) while maintaining a Hold rating.

The analyst commented: "Q1 EPS of $2.39 was $0.29 above consensus and $0.36 above our forecast. 2024 EPS is pegged at $6.80-$7.30, excluding Solventum, whereas our estimate includes the Q1 contribution. Consumer demand likely remains soft, but construction and electronics are trending higher. New products and market share gains likely will augment sales growth, and the gains from cost-cutting/restructuring will bolster margins. PFAS exit still expected by year-end 2025."

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