3M price target raised to $130 from $120 at RBC Capital

RBC Capital analyst Deane Dray raised the firm’s price target on 3M (MMM) to $130 from $120 but keeps an Underperform rating on the shares. The company delivered a modest but broad-based Q3 operating beat and raise, with the positives that included stronger organic growth and progress on new product introductions, the analyst tells investors in a research note. RBC adds however that it continues to believe that the looming five categories of unaddressed and unreserved of multi-billion-dollar PFAS litigation is an underappreciated risk to the story.