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UBS, Jefferies Get More Bullish on 3M after Q1 Results (MMM)

By Dividend.com,  April 25, 2012, 10:03:02 AM EDT

Diversified manufacturer 3M Co. ( MMM ) on Wednesday caught some bullish sentiment from two major Wall Street analysts following Tuesday's solid Q1 earnings report.

UBS maintained its "Buy" rating on MMM and lifted its price target to $110, suggesting a 24% upside to the stock's Tuesday closing price of $88.49. The firm also boosted its earnings estimates for the company, it expects organic growth to accelerate in coming quarters.

Meanwhile, Jefferies & backed its own "Buy" rating on MMM and lifted its price target to $108, citing the company's solid earnings beat.

3M shares posted modest gains in morning trading Wednesday.

The Bottom Line
Shares of 3M ( MMM ) have a 2.67% dividend yield, based on last night's closing stock price of $88.49. The stock has technical support in the $80-$82 price area. If the shares can firm up, we see overhead resistance around the $89-$91 price levels.

3M Co. ( MMM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: MMM



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