UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on 3M

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on 3M Co.

, and raised its price target from $83.00 to $94.00. J.P. Morgan noted, “We view 3M as a high quality, durable franchise, with a strong R&D competency and best-in-class margins/ROIC. Our Neutral rating is based primarily on limited upside to margins from current levels, meaning 3M needs above average top line performance to drive earning growth in line with peers. While we recognize management's strategic efforts to drive higher growth versus last cycle, we think sustained outperformance on the top line will be challenging at this point in the cycle, in part because of 3M's earlier cycle end market profile versus peers.” 3M Co. closed on Friday at $92.82.