J.P. Morgan Downgrades 3M to Underweight From Neutral (MMM)

J.P. Morgan is out with a research report this morning, where it downgrades 3M MMM to Underweight, from Hold; it has a $97.00 price target on the stock, up from $93.00. The JPM analysts cited, more or less, valuation for the downgrade given that the stock has just about recouped all of its year to date underperformance. They expect the stock to lag the market now. The analysts noted that some growth at the company is being over-marketed and the company is trying to cherry-pick two quarters of comps that will be the “easiest” in the company’s history. The JPM analysts said, “The bull case dominates with 80% of the Street at Buy—3M has become the consensus long in the sector. In our view, a stock this loved that is, in essence, a growth story being pitched as a value play, probably has a tough time working over the medium term.”