RBC Capital analyst Deane Dray lowered the firm's price target on 3M to $133 from $134 and keeps an Underperform rating on the shares. The company reported a modest and low-quality Q1 operating beat that was driven by FX tailwinds and higher-than-expected corporate income, also noting that customer pre-buying ahead of price increases to offset oil-related inflation was a factor in the double-digit order growth, the analyst tells investors in a research note. RBC adds however that operational excellence metrics continue to improve along with a pipeline of new product launches.
