- "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)