3M shares rebound on Monday, company addresses inaccurate media reports of N95 seizure

Over the weekend, 3M Company (MMM) addressed inaccurate reports in the media, according to which a shipment of 3M personal protective equipment was seized and diverted by US authorities on April 3rd while being transported from a China facility to Berlin Police.

“3M has no evidence to suggest 3M products have been seized. 3M has no record of any order of respirators from China for the Berlin police. We cannot speculate where this report originated,” the company said in a press release.

3M shares closed higher for the fifth time in the past ten trading sessions in New York on Monday. It has also been the sharpest single-session gain since March 24th. The stock went up 5.16% ($6.91) to $140.70, after touching an intraday high at $141.15, or a price level not seen since March 13th ($141.69).

Shares of 3M Company have retreated 20.25% so far in 2020 compared with a 17.55% loss for the benchmark index, S&P 500 (SPX).

In 2019, 3M’s stock went down 7.41%, thus, it again underperformed the S&P 500, which registered a 28.88% gain.

3M has pledged to combat any illegal activity related to its products and to the COVID-19 pandemic and is collaborating with law enforcement to identify and punish perpetrators, the company said.

Analyst stock price forecast and recommendation

According to CNN Money, the 15 analysts, offering 12-month forecasts regarding 3M Company’s stock price, have a median target of $145.00, with a high estimate of $199.00 and a low estimate of $126.00. The median estimate represents a 3.06% upside compared to the closing price of $140.70 on April 6th.

The same media also reported that at least 12 out of 18 surveyed investment analysts had rated 3M Company’s stock as “Hold”, while 2 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

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