Barclays raised the firm’s price target on 3M to $120 from $118 and keeps an Overweight rating on the shares. The analyst expects a “more mixed” earnings season than normal for the multi-industry group, with a good spread of 2024 earnings guide cuts and raises. Multi-industry stocks have pulled back on a relative basis, “so a pure defensive stance may not make sense now,” the analyst tells investors in a research note.
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