3M upgraded to Buy from Hold at HSBC

HSBC analyst Wesley Brooks upgraded 3M to Buy from Hold with a price target of $115, up from $91.13. The company’s Q1 earnings showed initial signs of an inflection in growth and margin gains from the restructuring, the analyst tells investors in a research note. The firm expects a return to growth from the improving macro environment, cost savings, and a balance sheet reset after Solventum spin-off. 3M remains a quality company and is trading at attractive valuations, says HSBC.