UPDATE: Jefferies Boosts PT to $108 on 3M; Solid Q1 Beat

Jefferies increases its price target from $102 to $108 on Buy-rated 3M MMM as the company posts a solid 10 cent beat to Q1 estimates. Jefferies notes, "3M reported Q1 EPS of $1.59, $0.10 above consensus. Underlying segment results were $0.06 better than forecast, with Industrial & Transportation leading the pack. The 2012 EPS outlook was raised by $0.05 at the midpoint to $6.30-$6.50, and 3M continues to expect organic volumes up 2%-5%. We are raising 2012E EPS by $0.25 to $6.45. We reiterate our Buy rating." MMM closed at $88.49 on Monday.