3M upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Nigel Coe upgraded 3M to Outperform from Peer Perform with a $125 price target. The company’s new CEO Bill Brown “brings The Right Stuff to 3M,” providing more confidence in the medium term earnings outlook, the analyst tells investors in a research note. The firm says 3M’s valuation is “steeply discounted,” even with over $20B of residual liability concerns, leaving “attractive upside” to the new $125 year-end 2024 target. Wolfe believes better strategic visibility, improving sentiment and potential investor money inflows can drive share outperformance.