Barclays analyst Julian Mitchell upgraded 3M Company (NYSE:MMM) to Overweight from Equal Weight and raised the price target to $126 from $111, citing optimism from a new CEO, bottoming cycle, and upcoming spin-off of Solventum. The new CEO is expected to review the portfolio and improve productivity and margins. The company is also seen as advancing in the bottoming demand phase of Short Cycle Industrial and Electronics markets. Solventum is expected to spin off on April 1, 2024, and be listed as SOLV, with projected organic revenue growth of -2% to 0%, and adjusted EPS of $6.10-$6.40. 3M's Q4 FY23 adjusted EPS was $2.42, beating estimates, but sales of $7.69 billion slightly missed expectations. MMM shares are up 0.10% at $104.90.