03:10 PM EDT, 04/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

MMM shares are settling lower today following the spin-off of Solventum (SOLV), MMM's healthcare business. Holders of MMM stock received one share of SOLV for every four shares of MMM held at the close of March 18, 2024. MMM retains 20% ownership of SOLV, which will be monetized over the next five years. Shares are also reacting to today's news of MMM receiving final court approval of its PFAS settlement with public water suppliers (PWS), totaling $10.3B, payable over 13 years. Payments under the agreement are scheduled to begin in Q3 of 2024. We believe MMM will be better positioned for recovery with a new CEO, a more focused operating model, and reduced litigation overhang. However, we view risks as still being elevated in the near term. MMM is not out of the woods yet with PFAS liability as claims from non-PWS parties may spur additional legal battles. MMM remains a "show-me" story, in our view. We adjust our target to $100 from $110, 10x our 2025 EPS outlook of $10.00 and 10.7x our 2024 EPS of $9.36.