UBS last night upgraded 3M (MMM) to Buy from Neutral with a price target of $184, up from $130, after assuming coverage of the name. The analyst believes the company’s new outsider CEO, William Brown, is “hitting all the right notes,” including reallocating spending towards reinvigorating growth, improving order fill rates and investing in the sales force. If successful, 3M’s earnings per share can eclipse $10 by 2028, or 40% above 2024 levels, while the stock’s valuation remains at a discount, the analyst tells investors in a research note.
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