The healthcare spinoff and legal settlements helped to derisk the stock. New CEO William Brown has the financial firepower to restructure the company.
3M (NYSE: MMM) stock price has rebounded sharply this year even as the company continued facing substantial challenges. It has soared to over $100 and is hovering at its highest point since August 2022.
3M (MMM) concluded the recent trading session at $100.66, signifying a -0.2% move from its prior day's close.
3M Co (NYSE:MMM) shares traded higher on Friday after the stock was upgraded by Bank of America analysts to a ‘Buy' rating from ‘Neutral.' The analysts awarded the diversified manufacturer a boosted price objective of $120, up from $105.
3M Company reported solid first quarter results with adjusted EPS growing in the double digits again. The company spun off its healthcare business into a new company called Solventum. 3M Company cut its dividend in half, but the stock is still undervalued and seems well-supported from a technical point of view.
The industrial giant has been facing years of legal and regulatory headwinds. The company was forced to spin off a large division to raise the cash it needed to deal with the issues.
Zacks.com users have recently been watching 3M (MMM) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
3M (NYSE: MMM) stock price has lagged behind the market as the company has moved from one crisis to the other. It has crashed by about 35% from its highest point in 2021, making it one of the worst-performing companies in the Dow Jones Industrial Average.
In the closing of the recent trading day, 3M (MMM) stood at $97.56, denoting a -1.13% change from the preceding trading day.
CFRA analyst Jonathan Sakraida upgraded 3M stock to Buy from Hold, and lifted the price target to $115 from $100.
The investment thesis for the stock does not rely on its dividend. The recent dividend cut is a net plus for a company that needs restructuring.
Despite improvements in its business, the yield trap has been spring.