Market Overview

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

Share:
Related MMM
Morning Market Losers
Benzinga's Top #PreMarket Losers
Minco Gold Announces Closing of Sale of the Changkeng Gold Project (GuruFocus)

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

DateFirmActionFromTo
Jun 2015Deutsche BankMaintainsHold
Jun 2015Credit SuisseAssumesNeutral
Apr 2015BarclaysMaintainsEqual-weight

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)

Get Benzinga's Newsletters