UPDATE: Morgan Stanley Reiterates Underweight Rating, Lowers PT on 3M Co. on Challenges Ahead - 3M (NYSE:MMM)

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In a report published Thursday, Morgan Stanley analyst Nigel Coe reiterated an Underweight rating on

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3M Co.

(NYSE: MMM), but lowered the price target from $138.00 to $135.00.In the report, Morgan Stanley noted, “We see a more challenging 2H and 2015 set-up for MMM driven by sluggish global growth and incremental cost pressures from F/X and pension. We expect the initial 2015 guidance range to come in below consensus, which could drive de-rating. We lower our PT to $135 vs. prior $138.”3M Co. closed on Wednesday at $139.18.