3M

MMM · NYSE

$171.37+$9.36 (+5.78%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $162.01

MMM analyst rating

HoldConsensus of 11 analysts over the last 12 months. 36% rate it a buy.

Strong buy0
Buy4
Hold6
Underperform1
Sell0

12-month price target · 21 analysts

Average $187.46 (+9.4% upside)

Low: $123.90
Now: $171.37
High: $228.90

Upgrades and downgrades

The latest rating actions, newest first

MMM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 9, 2026	Maintains	Overweight	$205.00 → $185.00	64%
Wells Fargo	Sep 25, 2026	Initiates	Equal-Weight	$195.00	60%
Bernstein	Sep 25, 2026	Upgrade	Underperform → Market Perform	$145.00 → $171.00	25%
Mizuho	Jul 23, 2026	Maintains	Neutral	$160.00 → $180.00	66%
UBS	Jul 22, 2026	Maintains	Buy	$190.00 → $218.00	65%
Bernstein	Jul 22, 2026	Maintains	Underperform	$140.00 → $145.00	25%
Citigroup	Jul 22, 2026	Maintains	Neutral	$166.00 → $183.00	63%
RBC Capital	Jul 22, 2026	Maintains	Underperform	$123.00 → $132.00	57%
JP Morgan	Jul 17, 2026	Upgrade	Neutral → Overweight	$178.00 → $180.00	64%
RBC Capital	Jul 16, 2026	Maintains	Underperform	$133.00 → $123.00	57%

The case for and against

Updated Oct 9, 2026

Bull case

3M is viewed positively because its core Safety & Industrial and Transportation & Electronics businesses are delivering broad-based momentum, with 2Q26 organic growth of +7% across those segments, orders up ~10%, and backlog up ~20% Y/Y, which supports visibility into 2H26. Management’s raised 2026 adjusted EPS guidance to $8.80-$8.95, coupled with expected operating margin expansion of 70-80 bps and adjusted free cash flow conversion of +100%, suggests that productivity, pricing, and capital deployment are translating into higher-quality earnings. The recently spun-off healthcare business and the company’s diversified global footprint, with nearly half of revenue outside the Americas, further reinforce resilience, while large-scale innovation such as Microsoft-validated EBO technology adds a credible long-term growth driver.

Bear case

3M is viewed negatively because its valuation still appears to embed significant downside while a large PFAS/Combat Arms liability burden remains unresolved, including about $11.5 billion unaddressed out of a $30 billion assumption. Although organic growth improved 5.4% Y/Y and adjusted operating margin rose 70 bps to 24.8%, those strengths are partly offset by 3, 2H26 tax timing reversal, continued softness in consumer and consumer electronics, and $574 million of after-tax litigation and PFAS exit cash payments in the quarter. The company also faces a long legal overhang with roughly 15,000 personal injury claims, five categories of unreserved PFAS exposure, and a structurally limited margin runway given already high profitability and 64% of sales outside the US.

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