RBC Capital analyst Deane Dray lowered the firm’s price target on 3M (MMM) to $117 from $119 and keeps an Underperform rating on the shares. 3M’s Q2 results matched RBC Capital’s recently raised estimates, and updated guidance now includes a -10c net headwind from tariffs, the analyst tells investors in a research note. The firm attributes the tepid reaction to the Q2 report partly to the underwhelming 2% organic revenue outlook and to positioning/macro.
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