3M price target lowered to $106 from $113 at RBC Capital

RBC Capital analyst Deane Dray lowered the firm’s price target on 3M to $106 from $113 and keeps an Underperform rating on the shares. The company reported a "sizeable" Q4 operating miss and a below-consensus guide, the analyst tells investors in a research note, also noting its exposure to the "most challenged verticals" – consumer, consumer electronics, and China. The multi-billion dollar Combat Arms settlement is coming soon but the multi-year PFAS litigation spiral has not even started yet, and the investment thesis on 3M is likely to worsen before it gets better, the firm states.