3M price target lowered to $122 from $130 at Barclays

Barclays analyst Julian Mitchell lowered the firm’s price target on 3M to $122 from $130 and keeps an Underweight rating on the shares. The analyst reduced estimates following the company’s Q4 results. The stock is becoming more attractive from a fundamental basis, but investors are likely to be deterred by the upcoming legal news flow and it is not clear how high 3M’s operating leverage will be in the recovery, the analyst tells investors in a research note.