J.P. Morgan Underweight On 3M (MMM)

J.P. Morgan Chase & Co. has an Underweight rating on 3M Company MMM with a $95 price target on shares. In a note sent to investors J.P. Morgan writes, "Capitulation is close on 3M, in our view, but with balanced risks to even a lower 2011 EPS and emerging concerns around Healthcare/ongoing lack of visibility at Optical (though this is now less an incremental concern), we don't feel the need to rush to get off the sidelines. This is not about management as the durable 3M franchise is intact and has been enhanced through investment since CEO Buckley came aboard; this is more about an ongoing high level of expectations from a bullish sell-side that has maintained stubbornly high estimates. We need to see some capitulation here." Shares of MMM lost $2.69 yesterday to close at $84.19.