Wednesday, February 23, 2011

3M (MMM) Gets Upgrade from Bank of America (BAC)

Bank of America (NYSE:BAC) upgraded shares of 3M (NYSE:MMM) on expectations the company will benefit from investors placing their portfolios in more defensive positions.

Full year EPS estimates were also boosted by Bank of America on 3M for 2012.

3M closed Tuesday at $92, dropping $0.96, or 1.03 percent. Bank of America raised their price target on 3M to $106.

Trading volume on Tuesday was about 50 percent above the 3-Month daily average.

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