Seeking Alpha

3M falls after Morgan Stanley downgrade

  • 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.
Comments (2)
  • Seriously, a price target cut of $1 ...
    2 Dec 2013, 04:47 PM Reply Like
  • I seriously can't listen to these so called analysts. I'm tired of the BS
    2 Dec 2013, 07:30 PM Reply Like
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