MMM Executes Well, Upside to 2010 Expectations

Analysts at Citi Investment Research & Analysis maintain their “hold” rating on 3M Co (NYSE: MMM). The target price for MMM is set to $84.

According to Citi Investment Research & Analysis, 3M has begun to see stabilization in its businesses. Recent industry results suggest that North American store traffic is increasing, following a decline over the past nine consecutive quarters. MMM is poised to capitalize on this trend in the forthcoming quarters.

MMM’s recent presentation indicates that the 2010 EPS would be ahead of expectations, driven by restructuring benefits, productivity gains and incremental organic revenue growth, Citi Investment Research & Analysis says. There is upside to the 3M’s stock in the near term.