Jefferies Has Buy Rating On 3M (MMM)

Jefferies & Co. has a Buy rating and a $105 price target on shares of 3M MMM.

In a note to investors, Jefferies writes, "3M's investor day focused on two arguments: the growth initiatives are gaining traction; the innovation culture is stronger; and productivity remains under-appreciated. While the presentations likely did not change the debate on the shares, with Q1 on track through early March we reiterate our Buy rating."

Jefferies went on to say, "With 60 deals in the past 5 years, much chatter about gap-filling deals (e.g. semiconductor and battery materials). With the company branding itself as a "multi-technology applications company", more M&A appears highly likely. Newer areas could include mining, oil & gas, heads-up displays, biofuels, biobased products, CO2 recycling and water desalination and treatment."

Shares of MMM gained $1.14 yesterday to close at $88.69, a gain of 1.3%.