3M Stock Gains After Flurry Of Price Target Hikes: Retail Continues To Be Jubilant
According to TheFly, Wells Fargo analyst Joseph O'Dea upgraded the stock to ‘Overweight’ from ‘Equal Weight’ and raised the price target to $170 from $140.
Follow3M (MMM) shares gained 1.6% on Wednesday after several brokerages raised the price target on the industrial conglomerate stock following an upbeat fourth-quarter earnings.
According to TheFly, Wells Fargo analyst Joseph O'Dea upgraded the stock to ‘Overweight’ from ‘Equal Weight’ and raised the price target to $170 from $140.
The analyst said that 3M is in the "early days of significant margin expansion" when uncertainty looms around the trajectory of an industrial recovery, which is attractive.
According to TheFly, Wells Fargo said that after the most extensive restructuring program in 3M's history, there's still a significant cost opportunity to drive better operational execution.
On Tuesday, 3M reported a marginal rise in net sales to $6 billion, compared to a Wall Street estimate of $5.8 billion. Its earnings per share (EPS) stood at $1.68, compared to an estimated $1.67.
For 2025, the company had projected adjusted total sales growth of 0.5% to 1.5%, reflecting adjusted organic sales growth of 2% to 3%.
Citi raised the price target for the stock to $152 from $142 and kept the rating at ‘Neutral.’
According to TheFly, Citi said that while a litigation-related overhang still exists, investor focus has somewhat moved on to 3M's operational performance, and the company has been managing to deliver a ‘solid operational margin.’
BofA Global Research analyst also raised the price target of 3M to $175 from $160, as per TheFly.
The analyst expected that 3M will provide more visibility and granularity on its long-term net productivity initiatives.
Retail sentiment on Stocktwits remained at ‘extremely bullish’ (86/100) territory, albeit with a slightly lower score, while retail chatter was ‘high.’
MMM’s Sentiment Meter and Message Volume as of 02:00 p.m. ET on Jan. 22, 2025 | Source: Stocktwits
One user expressed the benefits of buying shares of companies like 3M whenever there is a slump in prices.
3M was in the news in December when it was sued by Texas Attorney General Ken Paxton over misrepresentation of products that contained so-called “forever chemicals.”
Over the past year, 3M has gained 65%.
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