3M falls after Morgan Stanley downgrade

|About: 3M Company (MMM)|By:, SA News Editor

3M (MMM -3.4%) "tends to show below-average core growth in cyclical upswings," Morgan Stanley's Nigel Coe says, downgrading the shares to Underweight from Equalweight.

"We expect the company to underperform EE/MI peers over the next two years, as we enter the reacceleration phase of this mid cycle slowdown, limiting operating leverage, with margins at peakish levels," Coe adds.

Price target cut to $122 from $123.