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Don't buy the plunge in 3M - JPMorgan

Apr. 24, 2018 3:43 PM ET3M Company (MMM) StockMMMBy: Stephen Alpher, SA News Editor75 Comments
  • "There is a case for significant downside from standing levels in the stock and today’s decline is more than warranted," says JPMorgan's Steve Tusa. Raw materials prices post a $0.05-$0.10 headwind to earnings, says Tusa, and it's a stretch to believe H2 will bring any better news on the growth front.
  • He remains Underweight the shares.
  • Source: Bloomberg
  • MMM -7%
  • Previously: 3M slips after lowering guidance range (April 24)
  • Previously: 3M misses by $0.01, beats on revenue (April 24)

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