3M price target raised to $175 from $160 at BofA

BofA analyst Andrew Obin raised the firm’s price target on 3M (MMM) to $175 from $160 and keeps a Buy rating on the shares. 3M shares “reacted well to solid execution and better than expected guide,” notes the analyst, who believes that the company will provide more visibility and granularity on its long term net productivity initiatives and thinks near-term acceleration in short cycle industrial activity could provide “another source of earnings upside over the next several quarters.”