3M price target raised to $95 from $89 at RBC Capital

RBC Capital analyst Deane Dray raised the firm’s price target on 3M to $95 from $89 after its Q1 earnings beat but keeps an Underperform rating on the shares as its affirmed FY23 guidance suggests no flow-through. The analyst states that the macro backdrop continues to be challenging for 3M, with ongoing supply chain weakness and de-stocking especially in the consumer-related markets.