UPDATE: Deutsche Bank Ups Target to $95 on 3M

Deutsche Bank reiterates its Buy rating on 3M

and raises its price target to $95, up $5, as the company pursues innovation-driven growth strategy. Deutsche Bank says, "3M shares gained 1% post its Q4 beat, in our view, due to improving organic growth (3.3% vs 2.8% in Q3) and the reaffirming of ‘12 EPS guidance (midpoint 1%>consensus). We believe 3M is well-positioned to deliver 5%-plus EPS growth in '12 as electronics and China markets pick up in 2H. With a record 32% of sales from new products validating CEO George Buckley's innovation-driven growth strategy, we believe the next catalyst for the shares will be the Board's decision (due by late February) to renew his contract for an additional 2 years." MMM closed at $87,58 a share yesterday.