3M price target raised to $133 from $100 at Citi

Citi raised the firm’s price target on 3M to $133 from $100 and keeps a Neutral rating on the shares. The analyst says upside to Q2 earnings and a modestly raised 2024 outlook are “encouraging signs” of relative stability. That said, while Citi views 3M’s results as positive, it thinks the “outsized” share price reaction post earnings was likely less driven by the near-term results and outlook and more so by new CEO’s Bill Brown’s initial comments highlighting his initial priorities, including a focus on driving more consistent organic growth, improving operational performance, and capital deployment.