RBC Capital lowered the firm’s price target on 3M to $78 from $84 and keeps an Underperform rating on the shares. The firm is updating its model following yesterday’s completed spinoff of 3M’s health care business Solventum, the analyst tells investors in a research note. RBC adds that Per- and polyfluoroalkyl substances, or PFAS, litigation will likely be a multi-year overhang for 3M shares while noting that a dividend cut of 50%-70% is coming for the company.
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