Solventum initiated with a Neutral at Piper Sandler

Piper Sandler analyst Jason Bednar initiated coverage of Solventum with a Neutral rating and $71 price target The firm sees limited sales growth and says end market headwinds present in multiple of Solventum’s segments. The company also has a heavily levered balance sheet following the separation from 3M, the analyst tells investors in a research note. It believes the company’s near-term story “looks catalyst light.”