UPDATE: Goldman Sachs Upgrades 3M (MMM) to Neutral, 'Can't Fight The Tape'

(updated to add analyst comment)

Goldman Sachs upgraded 3M (NYSE: MMM) from Sell to Neutral with a price target of $229.00 (from $194.00).

Analyst Joe Ritchie liked the Q3 report but only steps to the sideline noting limited upside from current levels. The analyst comments that the fundamental case to sell the stock is less apparent now following strong organic growth and under-levered balance sheet.

For an analyst ratings summary and ratings history on 3M click here. For more ratings news on 3M click here.

Shares of 3M closed at $234.65 yesterday.

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