Benzinga | Dec 3, 2021 02:08PM EST

RBC Capital Trims This Conglomerate's Price Target

* RBC Capital analyst Deane Dray lowered 3M Co's (NYSE:MMM) price target to $199 (an upside of 15.3%) from $201 and maintained a Sector Perform rating on the shares.

* Dray cites the company's announcement that its Q4 organic sales are tracking toward the low end of the guidance range, marking the "first negative update" he heard from across the sector.

* Dray says that the management tried to assure that demand is not the issue, but the downward trajectory on fundamentals continues.

* Price Action: MMM shares traded higher by 1.27% at $172.43 on the last check Friday.