- 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.
3M falls after Morgan Stanley downgrade
Dec 2 2013, 14:00 ET