Jefferies Cuts 3M's Price Target By 13%

• 3M Co (NYSE:MMM) price target has been lowered to $161 (an upside of 12.2%) from $186 by Jefferies analyst Laurence Alexander.
• The analyst reduced his 2022 and 2023 estimates citing end-market headwinds and cost inflation due to the recent increase in oil and metal prices.
• Alexander maintained his Hold rating on the shares.
• The analyst noted 3M is likely to implement more aggressive price increases this summer. He also warned that there could be more negative effects if customers find options to trade down.
• Price Action: MMM shares closed higher by 1.77% at $143.45 on Monday.