MMM - 1 Wall Street Analyst Thinks 3M Stock Is Going to $140. Is It a Buy Around $105?
2024-05-17 12:03:22 ET
Another day, another Wall Street analyst upgrade for 3M (NYSE: MMM) stock. This time, it's from Vertical Research analyst Jeffrey Sprague, who upgraded the stock from "hold" to "buy" and increased his price target from $92 to $140. That target implies a 33% upside over the next 12 months from the current price.
Vertical Research may not be a household name among retail investors. Still, I think Sprague is one of the best analysts in the industrial sector, so his upgrade deserves close attention.
According to The Fly, Sprague's upgrade rests on a risk/reward calculation that favors buying the stock. That's the best way to think about the stock because 3M is not firing on all cylinders right now or has not done so in recent years. Still, stock prices have no memory, and 3M's new CEO, William Brown, has an opportunity to turn things around.
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1 Wall Street Analyst Thinks 3M Stock Is Going to $140. Is It a Buy Around $105?