3M price target lowered to $111 from $115 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on 3M to $111 from $115 and keeps a Neutral rating on the shares. The analyst cites the company’s Q4 EBIT miss as some costs got reallocated from corporate spending. The firm adds however that it sees solid margin performance for 3M as restructuring benefits will continue to be a strong tailwind, also noting that it only sees modest restructuring cost headwinds.