Deutsche Bank downgrades 3M (MMM -0.4%) to Hold from Buy based on valuation and the retirement...

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

Deutsche Bank downgrades 3M (MMM -0.4%) to Hold from Buy based on valuation and the retirement of CEO George Buckley. The firm sees shares as fairly valued at 14.1x estimated 2012 EPS in-line with 3M's three-year average P/E of 14.3x, and its conviction also lessens after "the departure of the chief architect of 3M’s successful innovation-driven growth strategy."