3M upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Joseph O’Dea upgraded 3M (MMM) to Overweight from Equal Weight with a price target of $170, up from $140. The company is in the “early days of significant margin expansion” at a time of uncertainty about the trajectory of an industrial recovery, which is attractive, the analyst tells investors in a research note. The firm says 3M’s willingness to work down cash and do buybacks “is a strong statement” on its confidence in operational execution. After the largest restructuring program in 3M’s history, there’s still significant cost opportunity ahead to drive better operational execution, contends Wells.