3M "outperform," target price raised

09.01.07 - Credit Suisse

NEW YORK, January 9 (newratings.com) - Analyst J McNulty of Credit Suisse maintains his "outperform" rating on 3M Company (MMM). The target price has been raised from $88 to $95.

In a research note published yesterday, the analyst mentions that the upward revision in the target price reflects a shift in the base year. 3M is likely to benefit from robust growth through a number of new initiatives/programmes during 2007, the analyst says. The company's LCD business is likely to witness continued strength going forward, driven by robust volumes and gradual improvement in yields at its new facility, Credit Suisse adds.