Barclays lowered the firm’s price target on 3M to $107 from $126 and keeps an Overweight rating on the shares as part of the firm’s Q1 preview for the multi-industry group. Investor expectations are high, but accelerating organic sales growth for many names likely lies ahead, and orders trends should look stronger in Q2 than Q1, the analyst tells investors in a research note. The firm believes Q1 played out largely as expected, with some signs of bottoming out in several markets that have been under pressure such as short cycle industrial.
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