UPDATE: Jefferies & Company Cuts PT to $107 on 3M on Cautious Outlook

Jefferies & Company reiterated its Buy rating on 3M

but lowered its price target from $110 to $107. Jefferies & Company noted, "Given softer end-market trends, we are trimming 2012E $0.10 to $6.30 (including $0.03 headwind from recent M&A) and 2013E $0.15 to $6.70. Within our large-cap coverage, 3M offers one of the best combinations of shortcycle exposure and 12-18 month risk/reward." 3M closed at $88.73 on Tuesday.