3M Price Target Cut At Barclays, JPMorgan

Barclays analyst Julian Mitchell lowered 3M Co MMM price target to $182 (implying an upside of 3%) from $185 and maintained an Underweight rating on the shares.
Mitchell expects a "mixed investor reaction" to Q3 earnings for the multi-industry sector. The bar is lower amidst investor concerns over supply chains and cost pressures, which creates a potential for a "catch-up trade."
He thinks upside will be capped by initial 2022 revenue outlooks, which he says are "unlikely to prove particularly exciting."
JPMorgan analyst Stephen Tusa downgraded 3M to Neutral from Overweight with the price target of $210 (implying an upside of 18.9%), down from $215.
Tusa sees "little progress" around 3M's liability management and business execution. Investor communications lack any context around the latter, an issue that currently looks like tens of billions of overhang, adding to investor uncertainty, mentions the analyst.
He thinks the 3M story "lacks upside catalysts" and prefers DuPont de Nemours Inc DD, a stock he upgraded to Overweight this morning. Tusa upgraded DuPont to Overweight from Neutral with a price target of $85 (implying an upside of 20.5%), up from $84.
Price Action: MMM shares are trading higher by 0.18% at $176.99 on the last check Monday.

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