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Fly News Breaks for April 24, 2018
MMM
Apr 24, 2018 | 15:47 EDT
JPMorgan analyst C. Stephen Tusa said comments from 3M's earnings call suggests he previously had not been negative enough in his view and he sees a case for significant downside from the stock's current level. Raw material costs are catching up quickly and the company's assertion that organic growth should be consistent for the rest of the year is "somewhat of a stretch" given the tougher comps in the second half, Tusa tells investors. The analyst, who thinks today's decline of 7% is "more than warranted," keeps an Underweight rating on 3M shares.
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