3M upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded 3M to Overweight from Equal Weight with a price target of $126, up from $111. The analyst sees further portfolio and cost structure optimization ahead for 3M along with bottoming shielded controlled impedance and electronics markets. The firm assigns a higher target valuation multiple to embed the higher potential for margin expansion as a CEO transition looms, and a lower estimate for the company’s non-debt and environmental liabilities.