Solventum initiated with a Peer Perform at Wolfe Research

Wolfe Research initiated coverage of Solventum (SOLV) with a Peer Perform rating and no price target. Shares of the diversified healthcare company spun out of 3M (MMM) are “fairly valued” considering near-term separation risks and the lack of reported revenue growth over the past three years, the analyst tells investors. Longer-term, the firm expects a new CEO to reinvigorate growth and sell or spin one or two businesses, the analyst added.