3M price target raised to $131 from $130 at RBC Capital

RBC Capital analyst Deane Dray raised the firm’s price target on 3M (MMM) to $131 from $130 and keeps an Underperform rating on the shares as part of a broader research note previewing Q4 earnings in the Multi-Industry Sector. The firm is constructive on the setup to 2026 with all the multi-year secular drivers, megaprojects, datacenter momentum, and attractive sector relative valuation, the analyst tells investors in a research note. The firm adds however that while the prevailing two-speed economy has datacenter in mid-teen%-plus, most all other industrials are at low-single-digits at best, with many industrials seeing “sluggish and uneven demand”. RBC still remains positive on the multi-year secular tailwinds of electrification, reshoring, energy transition/storage, and datacenter business.