3M price target lowered to $115 from $124 at UBS

UBS analyst Chris Snyder lowered the firm’s price target on 3M to $115 from $124 and keeps a Neutral rating on the shares. While UBS thinks the Q1 guidance, which was roughly 40% below Street expectations, tilts conservative and sees positive rate of change thereafter, the firm is concerned that the magnitude of implied 2H margin ramp opens the door for negative revisions as the year progresses, the analyst tells investors in a research note.