3M price target lowered to $84 from $85 at RBC Capital

RBC Capital lowered the firm’s price target on 3M to $84 from $85 and keeps an Underperform rating on the shares. The company’s Form-10 filing for its Health Care business raises the looming and unpleasant decision on how it will address its bloated dividend, now at an untenable 6.5% yield, the analyst tells investors in a research note. The options market is not yet pricing in a dividend cut, the firm added.