JPMorgan analyst Stephen Tusa lowered his price target for 3M to $158 from $178 and keeps an Underweight rating on the shares. The analyst sees a "fundamental disconnect" between investor perception of the company's business quality, and quality of its growth. The latter is what ultimately drives the multiple, which should be lower, Tusa tells investors in a research note. Despite 3M's "consistent misses," even with a solid economic backdrop in 2018, the multiple has expanded from recent lows, and expectations for growth remain too high, claims Tusa, who says he remains negative on the shares. The analyst cut his estimates for 2019/2020 below the consensus.