JPMorgan raises 3M stock price target on turnaround progress

JPMorgan has increased its price target for 3M Co. shares to $191 from $185 while keeping the Overweight rating. The investment firm attributes this move to the company's turnaround, which is driving improved organic sales and margins despite external challenges. 3M (NYSE:MMM) is currently trading at a discount to its peers, creating potential for a re-rating.

The industrial conglomerate has a P/E ratio of 30.16 and a market cap of $88.4 billion, though some analysts believe it is overvalued relative to its fair value. JPMorgan's analysts highlight the stock's undemanding valuation, presenting attractive risk/reward opportunities for investors. Additionally, 3M has a strong track record, having paid dividends for 56 consecutive years, currently yielding 1.82%.

Investors can gain further insights through 3M's Pro Research Report on InvestingPro and 6 additional ProTips. Recently, 3M reported its Q3 2026 financial results, with adjusted earnings of $2.50 per share, surpassing analysts' estimates of $2.39. However, revenue was slightly below expectations at $6.6 billion compared to the forecasted $6.61 billion.

Despite this, 3M reported a 3.3% increase in organic sales and an operating margin rise to 26.2%. Jefferies responded by lowering its price target for 3M to $186 from $187, maintaining a Hold rating.