UBS Lowers 3M Price Target, Maintains Sell Rating

UBS analyst Markus Mittermaier lowered 3M Co MMM price target to $172 (implying a downside of 5.78%) from $183 and maintained a Sell rating on the shares.
Mittermaier cites intensifying sales and margin pressure from supply chain constraints and price and cost headwinds for the company, also cutting his operating margin view to 19.3% from 21.5%.
Additionally, he says that September tends to be the most important month of the quarter for 3M and sees some risk that further downward revisions may be necessary.
Price Action: MMM shares are trading lower by 0.65% at $181.47 during the pre-market session on Friday.