Top 5 Trending Stocks on Friday

2. 3M Company (NYSE:MMM)

Number of Hedge Fund Holders: 54

Shares of 3M Company (NYSE:MMM) rose over three percent this morning after UBS analyst Chris Snyder raised his ratings for the manufacturer of industrial products from “Sell” to “Neutral.”

Snyder thinks that troubles related to recent litigations have been mirrored in the company’s share price. He also advised investors to stop selling stakes in the company. Moreover, he raised his price target for 3M Company (NYSE:MMM) from $118 per share to $126 per share.

Separately, 3M Company (NYSE:MMM) also appeared in the second-quarter 2022 investor letter of asset management firm Mayar Capital. Here’s what the firm said:

“We also bought back into 3M (NYSE:MMM) as the stock reached attractive levels. We’d sold our shares in 3M last year when the price exceeded our estimated fair value, and as better opportunities to invest in presented themselves at the time. Nonetheless, we’ve always liked this business with its diversified revenues, its R&D leadership and its stable margins.”