Wells Fargo’s Stock Has Reached a Fair Price After Runup, Analyst Says

/ / Financials /

By Steve Gelsi Citigroup cuts Wells Fargo rating to neutral on ‘balanced’ risk/reward but boosts price target Citi has downgraded Wells Fargo & Co. to neutral from buy after a quick gain in its stock price this year relative to its expected performance. Citi analyst Keith Horowitz said Wells Fargo (WFC) is now trading at a premium relative to its peers. He hiked his price target for Wells Fargo to $63 from $57 on expectations of a higher, normalized return on tangible common equity, based on his view that federal regulators may pare back proposed capital requirements under the Basel III endgame regime. The stock closed at $57.01 on Tuesday. “We believe the risk/reward is fairly balanced,” Horowitz said in a research note issued late on Tuesday. Before Wednesday’s trades, Wells Fargo’s stock rose 15.8% in 2024, outpacing the 13.9% rise by JPMorgan Chase & Co. (JPM) and a 14.4%

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Solventum Hosts Inaugural Investor Day Ahead of Its Planned Spinoff From 3M

/ / Industrials /

Solventum Hosts Inaugural Investor Day Ahead of Its Planned Spinoff from 3M PR Newswire ST. PAUL, Minn., March 19, 2024 – Leadership to highlight opportunity to unlock significant value creation over time – – Solventum to introduce full-year 2024 guidance – ST. PAUL, Minn., March 19, 2024 /PRNewswire/ — Solventum will host its inaugural Investor Day today in New York City ahead of its planned spinoff from 3M (NYSE: MMM). The Company is anticipated to spin off from 3M on April 1, 2024, and has been approved for listing on the New York Stock Exchange as “SOLV.” During today’s event, Solventum chief executive officer Bryan Hanson and chief financial officer Wayde McMillan will share how the Company plans to create significant value for shareholders over time, including: — Building on a solid foundation of durable and diversified businesses and capitalizing on strong market positions in its large and growing markets.

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3M Says Healthcare Business Could Post Lower Organic Revenue This Year After Spinoff

/ / Industrials /

By Will Feuer 3M’s soon-to-be-spun-off healthcare division is hosting its inaugural investor day and warning that organic revenue could fall this year. The healthcare business, called Solventum and set to spin off next month, is guiding for revenue to be flat to down 2% this year. The business is targeting annual adjusted earnings of $6.10 a share to $6.40 a share. Chief Executive Bryan Hanson and Chief Financial Officer Wayde McMillan will share their post-spin plans for the company. Once the April 1 spinoff is complete, Solventum is expected to trade on the New York Stock Exchange under the ticker SOLV. The new company will include 3M’s products in markets such as wound care, health care information technology and biopharma filtration. The spinoff, first announced in 2022, will separate 3M’s relatively faster-growing business in health care from its other lagging segments, such as industrial and consumer products. Write to Will

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