• 3M stock rallies higher off JPMorgan upgrade.
  • JPMorgan raised its price target on MMM to $165.
  • Bank's Stephen Tusa says that margins are improving, 3M remains cheap.
  • Dow Jones is also faring well on Monday, up 0.76%.

 

3M (MMM), the Minnesota-based manufacturer of everything from Post-it Notes to chemicals, is outperforming its main index at the start of the week. 3m stock has risen 4.5% at the time of writing, while the Dow Jones Industrial Average (DJIA) gains 0.76%. The Dow Jones has been leading the other indices at the start of the week.

3M stock is benefitting from praise from JPMorgan, which upgraded shares of the manufacturing giant on Monday.

3M stock news

Stephen Tusa, a Managing Director at JPMorgan, made the rounds on CNBC on Monday after the bank upgraded its 3M price target from $160 to $165. Tusa said it was just a result of 3M continuing to improve operations after releasing quarterly earnings for the third quarter last week. JPMorgan also led the way this spring with its initial Overweight rating, which it has sustained with the new call.

“Things are going pretty well for them off of a pretty depressed level in our sector,” said Tusa on CNBC. “3M has been one of the most dramatic underperformers in our sector over the last five, six years. We think that’s bottomed with the new management team, a really compelling story around productivity and margins [...]. And 30% upside from here is just really attractive.”

Tusa said that the “wind back up” for 3M stock is probably a multi-year story. Before the fallout from its many lawsuits, 3M stock traded above $200 in 2017.

The JPMorgan banker said that annual earnings per share (EPS) were safely above $10, which should eventually push the company to trade above 20 times earnings like the rest of its competitors.

3M is recovering after agreeing to historic settlements that ended litigation involving its PFAS chemical and faulty combat earplugs used by US troops. 3M agreed to pay $12.5 billion for the chemical that polluted the US water system and $6 billion to settle the earplug case, both of which will be paid out over many years.

On October 22, 3M reported adjusted EPS of $1.98 and revenue of $6.1 billion for the third quarter. Both figures beat consensus, and GAAP EPS was $2.48.

3M stock forecast

3M stock has broken back above an extremely important topside resistance level on Monday. Beginning in January 2018, the trendline connects range highs in 2018 and 2021. Although 3M stock was in a rally, shares moved sideways once this trendline was overtaken in August.

Additionally, prior to the news from JPMorgan, 3M stock had fallen back into the oversold region of the Relative Strength Index (RSI). The RSI has jumped on Monday to 45 from Friday's 26 nadir.

MMM daily stock chart

Now that 3M has overtaken the trendline again, it probably turns into strong support. Expect a move back toward prior resistance enar $140, where 3M stock put in a double-top pattern on September 26 and October 22. 

MMM monthly stock chart

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Trading Pro
Read review
Pepperstone
Read review
Trading Pro
Read review
Pepperstone
Read review
Trading Pro
Read review
Pepperstone
Read review
XM
Read review
Moneta Markets
Read review
XM
Read review
Moneta Markets
Read review

Recommended content


Recommended content

Editors’ Picks

AUD/USD drifts lower toward 0.6300; looks to US NFP for fresh impetus

AUD/USD drifts lower toward 0.6300; looks to US NFP for fresh impetus

AUD/USD heads toward 0.6300 early Friday, resuming the pullback from near 0.6400. The pair remains on a slippery slope despite a weaker US Dollar. US-China trade tensions and increased odds of Trump's tariffs-led global recession undermine the risk-sensitive Aussie. All eyes on US NFP and Powell. 

AUD/USD News
USD/JPY holds recovery near 146.00; upside seems limited ahead of US NFP

USD/JPY holds recovery near 146.00; upside seems limited ahead of US NFP

USD/JPY trades close to 146.00, holding its recovery in the Asian session on Friday. Investors dial down bets of aggressive BoJ rate hikes, amid worries that Trump's new tariffs could negatively impact Japan's economy, helps the pair sustain its latest upswing. But buyers remain wary ahead of US NFP and Powell. 

USD/JPY News
Gold turns south toward $3,100, all eyes on US NFP and Powell

Gold turns south toward $3,100, all eyes on US NFP and Powell

Gold price returns to the red, eyeing $3,100 again in the Asian session on Friday after facing some profit-taking in the previous session. Escalating concerns over a global trade war and a US recession boost the Gold price, a traditional safe-haven asset. The focus now stays on the US NFP data and Powell's speech. 

Gold News
What to expect from Bitcoin and XRP following Trump tariffs: Experts weigh in

What to expect from Bitcoin and XRP following Trump tariffs: Experts weigh in

Bitcoin stretched its decline on Thursday, briefly dropping below $83,000 as President Trump's newly announced reciprocal tariffs extended the crypto market downturn by over 4%. The sustained decline and high volatility highlight Bitcoin's increasing risk to macroeconomic uncertainties. 

Read more
Trump’s “Liberation Day” tariffs on the way

Trump’s “Liberation Day” tariffs on the way

United States (US) President Donald Trump’s self-styled “Liberation Day” has finally arrived. After four straight failures to kick off Donald Trump’s “day one” tariffs that were supposed to be implemented when President Trump assumed office 72 days ago, Trump’s team is slated to finally unveil a sweeping, lopsided package of “reciprocal” tariffs. 

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025