3M's stock jumped Tuesday after BofA Securities recommended investors stop selling ahead of earnings.
Shares of 3M Co. rallied Tuesday after BofA Securities analyst Andrew Obin recommended investors stop selling ahead of earnings, as risks facing the consumer, industrial and health care products company are now balanced.
Obin raised his rating on the stock MMM to neutral from underperform, to reflect “several near-term catalysts.” He kept his price target at $110, which implies about a 9% upside from current levels. For one, the $10.3 billion settlement announced in June to resolve claims the company was responsible for dangerous per- and polyfluoroalkyl substances in drinking water was less than expected.
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