Goldman Sachs Downgrades 3M (MMM) to Sell On Relative Valuation

Goldman Sachs downgraded 3M (NYSE: MMM) to Sell with a price target of $87 citing relative valuation.

The firm sees a 5% discount to the peer average given on-going struggles with organic growth and above-average exposure to Europe and lackluster capital allocation.

While the issues are well understood and will likely not pressure relative valuation further, they also will likely not abate in the 1st-half of this year, the firm said.

For an analyst ratings summary and ratings history on 3M click here. For more ratings news on 3M click here.

Shares of 3M closed at $84.30 yesterday.

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