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

JP Morgan downgraded 3M Company 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.