JPMorgan upgrades 3M to overweight ahead of second-quarter results

According to CNBC, JPMorgan upgraded 3M to overweight from neutral ahead of the industrial company's second-quarter results and raised its price target to $180 from $178, implying 11% upside from Thursday's close. Analyst Chigusa Katoku said growth is starting to take hold at 3M, with short-cycle indicators still supportive and AI and data center demand broadening beyond the most obvious beneficiaries. 3M is scheduled to report second-quarter figures on Tuesday, and JPMorgan's earnings estimate of $2.26 per share is slightly above the $2.24 consensus. Katoku also said data center and semiconductor-related sales have offset weakness in consumer electronics and auto-related sales, while stronger demand for standard products from U.S. consumers and lower inflation could support margins.