RBC Capital has increased its price target for 3M Company (MMM, Financial) shares from $98 to $100, while maintaining an Underperform rating. This adjustment comes in response to 3M's strong performance in the first quarter of the year, primarily due to improved cost management strategies.
Despite the favorable operating results, 3M has experienced a slight decline in revenue for March. However, the company has effectively mitigated the potential negative impacts of tariffs up to this point. RBC Capital notes that 3M has not faced significant challenges from factors such as customer pre-purchases, reductions in distributor inventories, or downward adjustments to its growth outlook.
