Analyst Andrew Obin from Bank of America Securities maintained a Buy rating on 3M (MMM – Research Report) and keeping the price target at $170.00.
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Andrew Obin has given his Buy rating due to a combination of factors surrounding 3M’s current standing and future prospects. One of the primary reasons is the increased clarity on regulatory issues related to PFAS, which have been a significant concern for the company. The recent PFAS conference highlighted that while there is still some uncertainty, the EPA has delayed the implementation of certain regulations, providing 3M with more time to adapt and strategize.
Additionally, the narrowing of the bellwether pool for personal injury cases to three specific cases offers more predictability regarding legal proceedings. This clarity, along with the focus on execution and insurance recoveries, strengthens 3M’s position. The company’s stock price, currently at $142.21, is also below the price objective of $170.00, suggesting potential for growth. These factors collectively underpin Obin’s confidence in maintaining a Buy rating for 3M.
According to TipRanks, Obin is a 5-star analyst with an average return of 12.4% and a 61.03% success rate. Obin covers the Industrials sector, focusing on stocks such as Vertiv Holdings, Honeywell International, and 3M.