Melius upgrades 3M to Buy, ‘very, very positive’ on new CEO Bill Brown

As previously reported, Melius Research upgraded 3M (MMM) to Buy from Hold with a price target of $180, up from $128. The firm’s early take on new CEO Bill Brown is “very, very positive,” says the analyst, who sees the new CEO and CFO “executing a powerful operational transformation.” The firm, which also argues that “near ideal” cycle timing will “make the transformation look all the more impactful,” notes that its $180 price target which is based on its 2026 EPS forecast of $9.00, implies 37% upside from the current share price.