BUZZ - Broker's opinion: 3M partners with Amazon, testing the waters in artificial intelligence business

October 21 - **Industrial group 3M (MMM.N) raised its 2026 earnings forecast on Tuesday (link), after expanding its data center partnership with Amazon (AMZN.O) the day before, signaling an increasing focus on AI-related products and services.

** The average rating from 21 analysts covering the stock is "Buy"; the median target price is $190—data compiled by LSEG

Getting on board the AI express

** JPMorgan (rating "Overweight", target price: $191) pointed out that 3M has broadened its commercial collaboration with Amazon on some data center-related components, but investors have not therefore considered the company a member of the "AI camp", "nor should they"

** Morgan Stanley ("Neutral", target price: $189) expects that the announcement on the Expanded Beam Optical manufacturing business and cooperation with Amazon will be positively received, but believes that despite strong margins, investor response this quarter will still be muted

** RBC Capital Markets ("Underperform", target price: $135) said the agreement with Amazon could significantly expand 3M’s data center revenue opportunity, as spending covered by the deal may exceed the company's current total data center revenue from all clients

** Morningstar (fair value: $125) stated that a series of new initiatives, including deepened cooperation between 3M and Amazon.com, not only reinforce its competitive moat but also provide commercial validation for the company’s optical connectivity technology

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