RBC Capital Markets Sees Limited Upside in 3M (MMM), Maintains Underperform Rating

3M Company (NYSE:MMM) is included among the 10 Innovative Dividend Stocks to Buy Right Now.

RBC Capital Markets Sees Limited Upside in 3M (MMM), Maintains Underperform Rating

On April 22, RBC Capital Markets analyst Deane Dray lowered the firm’s price target on 3M Company (NYSE:MMM) to $133 from $134 and kept an Underperform rating on the shares. The analyst said the company delivered a modest and low-quality Q1 operating beat. He pointed to FX tailwinds and higher-than-expected corporate income as key drivers. He also noted that customer pre-buying ahead of price increases, aimed at offsetting oil-related inflation, contributed to double-digit order growth, the analyst tells investors in a research note. RBC added that operational excellence metrics continue to improve. The firm also highlighted a pipeline of new product launches.

3M Company is widely known for inventing Post-it Notes. They are now used across offices, classrooms, and homes around the world. The company introduced Scotch tape in 1930. It was originally designed to seal cellophane food wrappers. Over time, the product gained widespread use. It became a common tool for everyday tasks, from gift wrapping to basic household fixes.

3M Company (NYSE:MMM) operates as a diversified technology company. It manufactures and markets a wide range of products and services. Its segments include Safety and Industrial, Transportation and Electronics, and Consumer.

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