Deutsche Bank Maintains Buy on 3M

Deutsche Bank is out with its report today on 3M MMM, maintaining Buy. In a note to clients, Deutsche Bank writes, "Just as the completion of the transcontinental railroad in 1869 ushered in a new era of growth and prosperity for the US (and marked by the driving in of the 'Golden Spike') we believe 3M's growing track record of above market growth (6 straight quarters) is nearing the point where investors will be convinced 3M has become a sustainably higher growth company. As the 'Golden Spike' is driven into 3M's track record over the next few quarters, we believe 3M's modest 10% premium to the S&P will expand. With valuation an attractive 13.6x '12E EPS, Buy." Shares of MMM closed Thursday at $94.85.