3M (MMM) PT Raised to $260 at Argus

Argus raised its price target on 3M (NYSE: MMM) to $260.00 (from $220.00) while maintaining a Buy rating.

Analyst John Eade believes the company is on track to deliver low to mid single digit organic sales growth and likes the management focus on generating shareholder value. The analyst believes the company deserve to trade at a premium to peers given higher margins and returns on invested capital. Eade comments that shares are suitable as a core holding for diversified portfolios.

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