Deutsche Bank Downgrades 3M (MMM) to Hold; Valuation No Longer Compelling

Deutsche Bank downgraded 3M (NYSE: MMM) from Buy to Hold with a price target of $95.00.

Deutsche analyt says, "We are downgrading 3M from Buy to Hold based on valuation and the retirement of CEO George Buckley. With valuation of 14.1x’12E EPS in-line with 3M's 3-yr average NTM P/E of 14.3x and the share price now within 8% of our target, we believe 3M shares are fairly valued. 3M’s announcement today that its Board has opted not to renew Mr. Buckley’s contract is also a key factor in our move to the sidelines. With the departure of the chief architect of 3M’s successful innovation-driven growth strategy, our conviction level on the shares has lessened."

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 $87.97 yesterday.

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