As previously reported, Argus analyst John Eade downgraded 3M to Hold after its Q1 earnings miss, saying the company has continued to "stumble" while "no longer delivering the consistent results that led to customary high valuations." The analyst notes that earnings could have been even worse, since the quarter did not include the $783M litigation-related charge. Eade expects 3M earnings and cash flows to be "challenging for several quarters" after Q1 commentary also revealed weakness in the company's end markets and "lackluster execution," but added that he would consider an upgrade if valuations on the stock compress toward the lower end of the company's historical range.