Market Overview

UPDATE: JP Morgan Downgrades 3M Company to Underweight on Limited Upside

Related MMM
3M Prevails vs Seil Global in Unfair Competition Action Related to 3M's Dental Mixing Tip Products
3M Rallies Off Q3 EPS Beat On Lower Sales
New-Look Periodic Table Of Dividend Champions: Credit Rating Edition (Seeking Alpha)

JP Morgan downgraded 3M Company (NYSE: MMM) from Neutral to Underweight and maintained a $97.00 price target.

JP Morgan noted, "Lacking a near-term catalyst and with what appears to be little differentiation from capital allocation, we see few levers for upside and downgrade 3M to Underweight. To be clear, we continue to see a strong franchise here with above average returns, but with our more bullish cyclical view we see relative underperformance for ‘safety' names like this. Specifically, while comfortable to own at the end of the cycle, the stock tends to underperform during late cycle rallies. Additionally, recent margin tailwinds on price/cost and variable spending cuts pulled forward margin gains, taking away a key lever for upside."

3M Company closed at $96.89 on Thursday.

Latest Ratings for MMM

Oct 2015BarclaysMaintainsEqual-weight
Oct 2015BarclaysMaintainsEqual-weight
Sep 2015Credit SuisseUpgradesNeutralOutperform

View More Analyst Ratings for MMM
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings


Related Articles (MMM)

View Comments and Join the Discussion!

Get Benzinga's Newsletters