UPDATE: Morgan Stanley Upgrades 3M to Overweight; Safety Trade for Rebound From Slowdown

Morgan Stanley raised its rating on 3M MMM from Equal-Weight to Overweight and announced a price target of $102 on shares. Morgan Stanley said, "3M is normally first to emerge from a slowdown/recession. We believe the “safety trade” aspect of the 3M story is largely understood, given its leverage to more stable Healthcare, Consumer & Security markets, geographic diversity, and limited CapEx exposure. Less recognized is that 3M's core growth can outperform during 2H12 as we emerge from the current mid-cycle slowdown, aided by over-exposure to highly cyclical Electronics verticals and EM – these factors could represent ~2ppts of tailwind in 2013 vs. EE/MI peers." 3M closed at $87.59 on Friday.