J.P. Morgan raises 3M PT on cost savings

3M Co

12/02/2024 16:31

** J.P. Morgan raises 3M Co  MMM.N  PT to $118 from $108,
maintains "neutral" rating
    ** Shares of 3M were up 1.7% at $94.4 in morning trade
    ** Brokerage says despite 2024 top-line estimate a bit
lighter than expected, 3M's cost saves are a "big positive"
    ** 3M forecast full-year earnings below Wall Street
estimates, last month
     ** Brokerage says cash performance and guide were strong, a
positive which 3M isn’t getting enough credit for
    ** 3M is increasingly attractive versus a sector that has
run and is more momentum oriented at present, though there is
still material uncertainty as to the ultimate outcome of
liabilities, and therefore, we remain on the sidelines - JPM
    ** 17 of 19 brokerages rate the stock "hold" and two "sell";
their median PT is $106
    ** Up to Friday's close, stock had lost ~16% YTD

 (Reporting by Kannaki Deka in Bengaluru)
 ((Kannaki.Deka@thomsonreuters.com))