Morgan Stanley upgraded 3M (MMM) to Equal Weight from Underweight with a price target of $160, up from $130. The firm sees a “more constructive” share setup due to lessened expectations. 3M’s forward organic sales estimates are now “well calibrated,” the analyst tells investors in a research note. In addition, Morgan Stanley sees signs that 3M’s new management’s turnaround initiatives are taking hold. The company is set to outgrow the broader macro environment, which is a reversal from history, contends the firm.
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