3M (MMM) PT Raised to $100 at RBC Capital
RBC Capital analyst Deane Dray raised the price target on 3M (NYSE: MMM) to $100.00 (from $99.00) while maintaining a Underperform rating.
The analyst comments "Our view: Underperform-rated 3M’s generally in-line 3Q24 results initially boosted the shares ~5% before reversing course and ending the day down -2%. We believe the sizable reversal was attributable to the fact that, despite Bill Brown’s impressive playbook for addressing many of the operational weaknesses at 3M, the company is still in the early innings of what is likely a multi-quarter/year (and at times disruptive) turnaround. Notably, 3M paid out $3.6 bil in legal settlements this quarter, essentially a year’s FCF. Looking ahead, there are still five categories of unaddressed PFAS liabilities that could pose a potentially multi-billion-dollar risk to 3M."