Solventum price target lowered to $60 from $70 at BofA

BofA analyst Travis Steed lowered the firm’s price target on Solventum (SOLV) to $60 from $70 and keeps a Neutral rating on the shares. Some of the post-spin selloff in Solventum shares was likely technical as 3M (MMM) paid dividends and Solventum does not, but there has been a lack of support from potential new investors given Solventum’s public comments have focused on the negatives, there’s no clarity on 2025 EPS, and there’s “plenty of stocks to choose from in value medtech,” the analyst tells investors. The firm thinks the valuation is “beginning to hit a level where it could begin to find more support,” but adds that it likely takes time for the stock to work given investors are unlikely to get clarity on 2025 EPS until later this year.