Diversified manufacturer 3M Co. (MMM) on Wednesday caught some bullish sentiment from two major Wall Street analysts following Tuesday’s solid Q1 earnings report.
UBS maintained its “Buy” rating on MMM and lifted its price target to $110, suggesting a 24% upside to the stock’s Tuesday closing price of $88.49. The firm also boosted its earnings estimates for the company, it expects organic growth to accelerate in coming quarters.
Meanwhile, Jefferies & backed its own “Buy” rating on MMM and lifted its price target to $108, citing the company’s solid earnings beat.
3M shares posted modest gains in morning trading Wednesday.
The Bottom Line
Shares of 3M (MMM) have a 2.67% dividend yield, based on last night’s closing stock price of $88.49. The stock has technical support in the $80-$82 price area. If the shares can firm up, we see overhead resistance around the $89-$91 price levels.
3M Co. (MMM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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