3M upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank upgraded 3M to Buy from Hold with a price target of $150, up from $110. The firm is “very impressed” with CEO Bill Brown’s first interaction with the Street, staying “he shared a very well thought-out, detailed assessment of his key areas of focus.” It seems there is no shortage of improvement potential at 3M – both with respect to organic growth and the cost structure, the analyst tells investors in a research note. Deutsche sees near-term potential for 3M to deliver mid-20s adjusted operating margins, consistent with “best-in-class” peers.