New coronavirus type epidemic shifted to Europe
While Covid-19 wanes in China, the situation in European countries worsens. Demand for antiviral respirators is expected to keep growing.
World Health Organization (WHO) declared the coronavirus outbreak a pandemic. Manufacturers of medical masks may perceive the announcement as a signal for growing demand, which will affect 3M or Honeywell shares value.
3M represents the largest N95 respirator manufacturer, which is better protective equipment than surgical masks. Melius Research analysts recently upgraded 3M shares to the equivalent of Buy from Hold.
During last month, progress of 3M shares value did not show very positive results. Its price appeared highest in January, when it reached the level of $180. Currently, it’s traded around $30 lower. According to analysts, the current stock price was caused by previous year result, which was worse than expected. Honeywell shares with similar market value to 3M experienced similar progress. Yet, Wall Street experts expect its target price to be $40 higher. Upcoming days and weeks will tell us more about current forecasts.