Vertical Research upgrades 3M to Buy, says risk/reward ’tilts clearly to upside’

As previously reported, Vertical Research analyst Jeffrey Sprague upgraded 3M to Buy from Hold with a price target of $140, up from $92. The firm still sees “many uncertainties in the 3M outlook,” but believes the risk/reward “now tilts clearly to the upside,” the analyst tells investors. New CEO Bill Brown took over on May 1 and while has yet to lay out his priorities, the firm expects them to include “a focus on rejuvenating growth while driving margins and cash flow,” the analyst added.