UPDATE: Citigroup Reiterates on 3M Following 2014 Outlook Meeting

In a report published Wednesday, Citigroup analyst Deane M. Dray reiterated a Neutral rating on

, and raised the price target from $122.00 to $133.00. In the report, Citigroup noted, “Given the bold shareholder-friendly moves unveiled at its 2014 Outlook meeting, you would think that an activist was involved. Either way, the Inge Thulin-era was essentially launched at the well-attended NYC 2014 Outlook meeting on Dec-17. The new-look 3M is centered around an array of bold capital allocation initiatives paired with a relentless six-prong growth strategy. Among the wows were a 35% dividend boost, and a plan to add leverage to fund supersized buyback and M&A programs, including a willingness to do 'multi-billion dollar' sized deals. The 4%-6% organic growth long-term target was also reiterated. Guidance for 2014 is $7.30-$7.55 vs our estimate of $7.15 and consensus of $7.40. Guidance includes 3%-6% organic growth or about 1.5x IPI consistent with the company's historic performance. We are increasing our 2014 EPS estimate from $7.15 to $7.45 and our target price from $122 to $133.” 3M closed on Tuesday at $131.39.