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JPMorgan's Tusa still negative on 3M

Jan. 15, 2019 8:36 AM ET3M Company (MMM) StockMMMBy: Yoel Minkoff, SA News Editor6 Comments
  • 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

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