HSBC Analyst Upgrades 3M Stock Price Target to $115 with Buy Rating
Tuesday, 14 May 2024, 15:17
Rationale behind the upgrade
The HSBC analyst notes that 3M's recent restructuring actions are bearing fruit, with profit margins expanding and forecasted sales growth.
Some key end markets, such as semiconductors and electronics, are showing signs of improvement in 2024.
- The Solventum spinoff will bring $7.7 billion in cash to 3M
- Dividend cut strengthens the balance sheet
A stock with potential
The analyst upgrades based on 3M's undervalued potential and ongoing restructuring program to drive margin expansion.
Legal settlements and dividend cut reduce uncertainty and bolster future prospects.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.