3M upgraded at Deutsche Bank on CEO’s growth strategy
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3M (NYSE:MMM) on Monday was upgraded to Buy from a previous investment rating of Hold by analysts at financial-services firm Deutsche Bank. They said the industrial conglomerate is poised for growth under the leadership of Bill Brown, who became chief executive officer in March.
Brown previously was the CEO of aerospace and defense contractor L3Harris Technologies (LHX).
Deutsche Bank raised its price target on 3M (MMM) to $150 a share from $100 a share previously.
3M’s (MMM) stock soared 23% on Friday after the company reported better-than-expected quarterly results and raised its guidance for the year.
The company this year has worked to resolve class-action lawsuits related to earplugs made for the U.S. military and what are known as “forever chemicals.”