3M price target lowered to $105 from $112 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on 3M to $105 from $112 and keeps an Equal Weight rating on the shares. The firm attributes the sharp downward stock reaction to positioning, underappreciated below-the-line headwinds and a softer organic outlook than expected, partially on unanticipated Consumer portfolio rationalization.