On Tuesday, shares of 3M Co. experienced a rally due to BofA Securities analyst Andrew Obin’s recommendation for investors to stop selling before earnings. The risks facing consumer, industrial, and healthcare products companies are now balanced, According to Obin.
Bank of America Securities upgraded industrial manufacturing giant 3M from underperform to neutral on Tuesday. The company avoided a trial in June with a settlement for a lawsuit regarding PFAS in municipal drinking water, and the stock performed well following the settlement announcement. Additionally, BofA believes that 3M’s restructuring plans are currently undervalued, and the healthcare spinoff planned later this year or in early 2024 should unlock value and provide positive short-term catalysts.
BofA maintained its $110 price target on shares, which is 10% above where the stock closed on Monday. However, Wells Fargo and Citi both lowered their price targets on MMM stock on Monday.
Wells Fargo cut its target to $100 from $110 but maintained its equal weight rating on shares. In a research note, Wells Fargo said it sees modest upside risk to Q2 earnings per share and expects modest guidance revisions from a backdrop of higher valuations, which poses a tougher setup for the quarter.
Citi wrote demand trends for U.S. industrials are “still durable” and should support relatively solid results compared to expectations. But Citi thinks most companies will remain cautiously optimistic relative to expectations in the second half of the year due to mixed economic trends and more difficult year-over-year growth comparisons vs. 2022. Citi lowered its price target to $100 from $120 and kept a neutral rating on shares.
3M Long (Buy)
Enter At: 102.85
T.P_1: 104.52
T.P_2: 106.51
T.P_3: 108.46
T.P_4: 110.26
T.P_5: 111.87
T.P_6: 113.86
T.P_7: 116.51
S.L: 92.31
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