3M Earns an Upgrade at Barclays

3M Earns an Upgrade at Barclays March 19, 2024, 12:46 p.m., readers: 4

Barclays analysts upgraded 3M (NYSE:MMM) to Overweight from Equalweight and raised their price target to $126 from $111. The analysts predict a rebound in 3M's revenue in 2024 after two challenging years, attributing potential above-average margin growth to the company's latest cost-cutting initiatives and improved cost management. The analysts also anticipate that the ongoing legal challenges facing 3M will become clearer in the near future, suggesting that the market may have already accounted for significant liabilities beyond the current settlements. The increased price target reflects a higher valuation multiple, acknowledging the company's prospects for margin expansion under potential new leadership, as well as a revised estimate of 3M's non-debt and environmental obligations.

About NYSE: MMM

3 M Company operates as a diversified technology company worldwide. It operates through four segments: Safety and Industrial; Transportation and Electronics;

Price: 91.05
Market cap: 50.4 billion USD
Eps: -12.63
P/e ratio: -7.21
Focus Analysis On: MMM