3M: share outperforms after analyst's upbeat rating.
(CercleFinance.com) - The 3M share is outperforming the Dow Jones index in New York on Monday, thanks to a positive rating from Credit Suisse, which raises its target on the share from 192 dollars to 203 dollars.
In a report, the broker - which maintains its "outperform" rating on the stock - mentions a number of factors in support of the stock after two difficult years in 2015 and 2016.
Although it refers to a relative weakness of consumer goods, the broker reports a "strong start to the year" for 3M's industrial and electronics businesses, which are proving to be better than expected.
Credit Suisse also highlights the beneficial effects relating to the more aggressive capital deployment implemented by the diversified group, as well as the improved outlook in terms of sales.
Two hours into trading today, the 3M share is up 0.5% at 193.3 dollars, against a 0.1% rise in the Dow Jones index.
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