RBC Capital Downgrades 3M, Cuts Price Target By 16%

January 5, 2022 7:50 AM | 1 min read | Make a Comment

RBC Capital analyst Deane Dray downgraded 3M Co MMM to Underperform from Sector Perform and lowered the price target to $166 (a downside of 7.9%) from $199.
The analyst believes 3M is entering 2022 with a litany of operating and legal challenges, especially PFAS, which is likely to result in this high-quality Prime further underperforming.
Dray further adds that ongoing inflation and supply chain pressures have exposed fundamental weaknesses in the company's price/cost actions that are unlikely to be remedied soon.
Recently, Barclays analyst Julian Mitchell lowered the price target to $177 (a downside of 1.79%) from $182 and kept an Underweight rating on the shares.
Price Action: MMM shares are trading lower by 1.15% at $178.16 during the premarket session on Wednesday.