3M upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Joshua Pokrzywinski upgraded 3M to Equal Weight from Underweight with a price target of $113, up from $102. The company’s legal liabilities are likely to grow but now look better discounted into the shares, the analyst tells investors in a research note. The firm sees a “balanced but still wide” risk/reward profile for 3M, where bear case equity value is limited to the healthcare spin. Improving fundamentals, achievable consensus margins, and sentiment “with room to improve support a bull case,” contends Morgan Stanley.