Goldman Sachs Resumes Coverage on 3M at “Neutral” (MMM)
Goldman Sachs analysts do not believe its the time to buy 3M Co (MMM) shares despite the company’s solid balance sheet and impressive innovation. As such, the analysts resumed coverage on the diversified products maker with a tepid rating.
The analysts rate MMM as “Neutral” with a $115 price target. This valuation suggests a 9% upside to Wednesday’s closing price of $105.66.
“Given our near-term outlook and the defensive (e.g., Healthcare, C&O)/early cycle (e.g., D&G, electronics) nature of 3M’s businesses, we do not believe now is the time to own MMM shares,” the Goldman Sachs analyst said. “Notably, MMM tends to outperform coverage during downturns/the early stages of a recovery.”
3M shares were down 43 cents, or -0.41%, during Thursday morning trading. The stock is up +18.36% over the past year.
The Bottom Line
Shares of 3M (MMM) have a dividend yield of 2.41% based on Thursday’s intraday trading price of $105.23 and the company’s annualized dividend payout of $2.54 per share.
3M Co (MMM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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