3M price target raised to $87 from $83 at RBC Capital

RBC Capital raised the firm’s price target on 3M to $87 from $83 but keeps an Underperform rating on the shares. The company’s Q4 operating income missed estimates, while the below-consensus guidance suggests that challenged end markets persist, the analyst tells investors in a research note. 3M’s other at-the- margin negatives included potential disruptions from the company’s planned largest-ever restructuring initiative, dilutive Health Care spin, and the upcoming multi-billion-dollar funding requirements for legal settlements which, along with its likely upcoming dividend cut, suggest that share may not have bottomed, RBC added.