- JPMorgan analyst Stephen Tusa maintains his Underweight rating on 3M (NYSE:MMM), while lowering his price target on the stock to $158 (from $178).
- There is a "fundamental disconnect" between investor perception of the company's business quality, and quality of its growth, he says.
- Despite 3M's "consistent misses," even with a solid economic backdrop in 2018, the multiple has expanded from recent lows, and expectations for growth remain too high.
- MMM -0.5% premarket