3M price target raised to $118 from $108 at JPMorgan

JPMorgan raised the firm’s price target on 3M to $118 from $108 and keeps a Neutral rating on the shares. The company reported an inline but “messy” with reallocation of annual incentive comp accruals to the segments from corporate and 7c Argentina devaluation headwind, offset by some tax help, the analyst tells investors in a research note. The firm says that while the upcoming healthcare spinoff “remains tough to step in front of,” 3M’s core underlying fundamentals are showing signs of improving, with compares easing as the year goes on.