3M's 3Q a Dramatic Reversal In Earnings Momentum, J.P. Morgan Reports

3M Company's MMM 3Q comes in stark contrast to 1H, bringing a dramatic reversal in earnings momentum, and below average growth, showing the real possibility that earnings could be down in 2011, J.P. Morgan reports. “3M does not look cheap, it remains a consensus Sell Side long, and with risks balanced around EPS, it still does not screen well as a safety stock in our view,” J.P. Morgan writes. “We await full capitulation from the Street (on ratings and numbers), and, in the meantime, remain comfortable at UW.” 3M currently trades at $85.07.