3M price target raised to $120 from $117 at RBC Capital

RBC Capital raised the firm’s price target on 3M (MMM) to $120 from $117 and keeps an Underperform rating on the shares as part of a broader research note previewing Q3 earnings in Industrials space. Multiple multi-year sector drivers – like electrification, reshoring, and datacenter/AI – and a Fed ease cycle should fuel continued mid-cycle growth and strong earnings visibility, while tariffs remain a fluid but manageable headwind for now, the analyst tells investors in a research note. Datacenter remains the strongest vertical in the sector and muni water the steadiest, while residential construction, HVAC, nd chemicals are the weakest end markets, the firm added.