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3M Slips After Citi Downgrade

Published 12/09/2019, 11:33 AM
Updated 12/09/2019, 11:34 AM

Investing.com - Dow component 3M (NYSE:MMM) slid in midday trading Monday following a sell-side downgrade citing litigation overhang concerns over perfluoroalkyl and polyfluoroalkyl substances (PFAS).

Citi downgraded the stock to neutral from buy with a $180 price target.

Shares fell 0.5%.

"While we think MMM's shorter-cycle end markets could be closer to a bottom and execution seems poised to improve, growing PFAS-litigation related risks could be a lingering overhang that prevents a re-rating to its former premium multiple," Citi analyst Andrew Kaplowitz wrote.

3M (NYSE:MMM) told Congress in September that it has not been established that PFAs cause health problems.

Latest comments

Companies like 3M are bribing power distribution companies and are getting annual rate contracts for supplying electrical products. ...best example is BESCOM in Bangalore Karnataka INDIA
Stage Stores(SSI), you're welcome lol
Bummer. Looks like won’t be able to get that job i applied at for 3M........ ? Boomers ?
Wts the good ti yrade
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