UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on 3M Co. Following Q2 Earnings Report

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, and raised the price target from $114.00 to $125.00. In the report, Deutsche Bank noted, “3M continues to grow faster than its markets. Valuation fair at 16.3x '13. Hold. We are maintaining our Hold on 3M. Last week's Q2 earnings highlighted improving trends across a number of businesses / geographies as 3M continues to grow faster than its end markets. 3M also increased its repurchase plan to $3.5-$4.5B (vs $2B-$3B) as slower M&A activity and lower interest rates (which are positively impacting 3M's pension plan) are enabling increased cash return to shareholders. Notwithstanding these positive drivers, we believe EPS and share price upside is limited for the remainder of ‘13 owing to increased strategic investments (40 bps margin headwind in '13), FX headwinds (>$0.03 in 2H13) and valuation which is a fair 16.3x ‘14E EPS.” 3M Co. closed on Friday at $118.26.