Citi Downgrades 3M (MMM) to Sell
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Citi downgrades 3M (NYSE: MMM) from Hold to Sell. Price target $57.
Citi analyst says, "US Dollar Appreciation Weighs on EPS - Dramatic strengthening of the US dollar since July, which has continued into Q4, has driven us to again re-evaluate our FX modeling assumptions. Our analysis in conjunction with evidence that business conditions have become progressively more difficult in recent weeks spurs us to cut 2009 EPS estimates across most of our group. The most significant estimate reductions are at 3M, Honeywell, Danaher, SPX and ITT, respectively."
3M Company (3M) is a diversified technology company with a presence in various businesses, including industrial and transportation, healthcare, display and graphics, consumer and office, safety, security and protection services, and electro and communications.
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