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Fly News Breaks for May 17, 2019
MMM
May 17, 2019 | 06:50 EDT
JPMorgan analyst Stephen Tusa lowered his price target for 3M to $143 from $154 after cutting his estimates to a Street low. Estimates for 3M "are far from reset, further laid bare by a cut to the buyback," Tusa tells investors in a research note. The analyst sees "neither defense, nor growth" at the company and maintains an Underweight rating on the shares. He points out that 3M's guidance calls for a second-half acceleration and that the company faces "record high inventories not seen in the 15 years of data."
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