3M price target raised to $87 from $78 at RBC Capital

RBC Capital raised the firm’s price target on 3M to $87 from $78 and keeps an Underperform rating on the shares. The company reported a “sizeable” operating earnings beat, but the surprise of the quarter was the 50% “band-aid-rip” dividend cut that will trigger forced selling by index and income funds when effective, the analyst tells investors in a research note.