Citi lowered the firm’s price target on 3M to $104 from $117 and keeps a Neutral rating on the shares. The analyst views the post-earnings selloff in the shares as overdone but acknowledges an “underwhelming” 2024 outlook. However, given ongoing portfolio and restructuring changes and an uncertain demand environment, 3M management is baking in some caution in its 2024 guidance, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MMM:
- 3M Company Reports Earnings: Did it Beat Estimate Forecasts?
- 3M (NYSE:MMM) Nosedives on Disappointing Q4 Performance
- Options Volatility and Implied Earnings Moves Today, January 23, 2024
- 3M Delivers Strong Fourth-Quarter Results; Improves Operational Performance and Exceeds Earnings and Cash Flow Expectations
- Notable companies reporting before tomorrow’s open