In a report released today, Andrew Obin from Bank of America Securities maintained a Buy rating on 3M (MMM – Research Report), with a price target of $175.00.
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Andrew Obin has given his Buy rating due to a combination of factors including the favorable valuation of 3M’s stock and the company’s renewed focus on execution amidst ongoing litigation and regulatory developments. The timeline for multi-district litigation (MDL) related to personal injury claims has been pushed out, providing 3M with additional time to manage these legal challenges effectively.
Additionally, there is potential for regulatory softening at the federal level concerning PFAS, which could alleviate some pressure on 3M. The insurance recovery process, while complex, offers potential benefits that could positively impact 3M’s financial standing. These factors combined with a price objective of $175.00 USD suggest that 3M’s current price presents a buying opportunity.
In another report released on January 27, UBS also reiterated a Buy rating on the stock with a $184.00 price target.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MMM in relation to earlier this year.