Mea culpa from JPMorgan on 3M

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

JPMorgan takes its lumps on 3M (MMM +1.1%) after watching the stock rise 48% YTD with the investment firm tagging it early as an Underperform.

Analysts lifted MMM to Neutral today after digesting the "aggressive" capital allocation plan 3M announced earlier in the week that caught them by surprise. Though 3M has raised its dividend every year since Dwight Eisenhower began his second term, the amount of the payout increase and a healthy buyback to boot was unanticipated.

JP's still not fully on board with MMM due to its lack of EPS upside compared to peers.