3M Stock Sees Surge as Analysts Hike Price Targets

3M's stock has been on an upward trend after its fiscal second-quarter earnings and raised guidance led several Wall Street firms to increase their price targets.

The company reported better-than-expected revenue of $6.5 billion and earnings of $2.40 per share, surpassing analysts' consensus estimates.

Goldman Sachs raised its price target on 3M to $202 from $190 while maintaining a 'Buy' rating, citing the company's improved performance, productivity efforts, and expanding product pipeline.

UBS also increased its price target to $218, implying a 28% upside, as it believes 3M is entering an extended period of improved growth with new products and commercial initiatives contributing more over time.