The new CEO at 3M Co. (NYSE:MMM), Bill Brown, recently gave hints at what his priorities are going to be. A Bank of America analyst took notice.
The 3M Analyst: Edwin Obin upgraded 3M shares from Neutral to Buy and rose the price target from $105 to $120.
The 3M Takeaways: Brown, who started May 1, is aiming to refocus the company on growth and operations. With major litigation settlements behind 3M and uncertainty about remaining lawsuits reduced, investors are likely to look at improving operations, potential cyclical coverage and inexpensive valuation.
3M’s change in management comes at an “opportune time” as the company has focused on litigation over the past several years, Obin wrote in a note on Friday.
“Investors were also concerned about the optics of a dividend cut …
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