3M (MMM) PT Raised to $87 at RBC Capital
RBC Capital analyst Deane Dray raised the price target on 3M (NYSE: MMM) to $87.00 (from $78.00) while maintaining a Underperform rating.
The analyst comments "Underperform-rated 3M reported a sizeable 27c/13% 1Q24 operating beat vs. our estimate. This was the last quarter with Health Care/Solventum, spun on April-1. The recast 2024 guidance excludes Solventum, and consensus had not been recalibrated, but the guide was light by our estimates. The surprise this quarter was the +50% band-aid-rip dividend cut that will trigger forced selling by index/income funds when effective. Inasmuch as some investors want to position that 3M “has turned the corner”, there are still five categories of unaddressed PFAS liabilities that remain. New CEO Bill Brown starts May-1."