3M price target raised to $167 from $140 at JPMorgan

JPMorgan raised the firm’s price target on 3M (MMM) to $167 from $140 and keeps an Overweight rating on the shares. The electrical equipment and multi-industry sector has re-rated due to tariff de-escalation, and is now expensive on an absolute basis, the analyst tells investors in a research note. The firm adjusted price targets to reflect a higher absolute anchor multiple that reflects the move up in the S&P 500. JPMorgan prefers companies who guided conservatively, “embedding the harshest tariff reality.”