Citigroup raises PT on 3M over improving profitability

3M Co

09/01/2024 12:49

** Citigroup raises PT on U.S. industrial conglomerate 3M
 MMM.N  to $117 from $111
    ** New PT represents a 7.5% upside to stock's last close
    ** Company's improving execution and profitability as well
as a gradually improving demand environment can support expected
earnings growth in 2024 - brokerage
    ** Also points at relatively muted valuation for RemainCo
relating to MMM's upcoming spin off of its healthcare business
(expected in H1'24), with room for potential upside
    ** Sixteen brokerages rate the stock "hold" and two "sell";
median PT is $111 - LSEG data
    ** Stock had fallen ~9% in 2023

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))