Mea culpa from JPMorgan on 3M

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.

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Comments (4)
  • FinalAnalysis
    , contributor
    Comments (487) | Send Message
    JPM has missed the boat on MMM. Wonder why?
    20 Dec 2013, 12:13 PM Reply Like
  • OldFigBBJ2
    , contributor
    Comments (122) | Send Message
    Glad they were wrong. Loooooooong MMM.
    20 Dec 2013, 02:14 PM Reply Like
  • PharmPicker
    , contributor
    Comments (180) | Send Message
    Reminds me of a comment that Charlie Munger once made. Something along the lines of him not reading analysts' thoughts unless he wanted a substitute for the newspaper's comic section.
    20 Dec 2013, 03:26 PM Reply Like
  • Tradevestor
    , contributor
    Comments (5031) | Send Message
    Here is one more "Mea culpa" on MMM
    23 Dec 2013, 01:34 PM Reply Like
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