Deutsche Bank analyst John Inch raised his price target for 3M (MMM) to $240 saying the company's organic growth over the near term should trend in conjunction with the current strength of the short cycle economy. However, already structurally high margins help to contain 3M's variable contribution leverage, Inch tells investors in a research note. The analyst keeps a Hold rating on the shares. 3M is less favorably positioned to fundamentally benefit from increased investment spending related to tax reform relative to other more capex-driven cyclical industrials such as Rockwell Automation (ROK), Inch argues.