We are initiating coverage on 3M Company (MMM) with an Outperform rating and $80 target price. The company’s second-quarter results benefited from the recovery in short development cycle businesses such as consumer electronics.
The company is aggressively managing its cost structure with a gradual improvement in gross margin. Meaningful uptake has yet to be seen from most major demand industries like automotive, manufacturing, general industrial and housing.Zacks Investment Research
