3M price target lowered to $115 from $125 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on 3M to $115 from $125 and keeps an Equal Weight rating on the shares. The firm notes that consumer exposure weighed heavily on Q4 results and the initial 2023 outlook. The key question is whether recent slowing extends beyond consumer, Wells says. If so, expectations for solid Q4 prints and in-line initial outlooks may be at risk, the firm contends.