Jefferies analyst Laurence Alexander expects 3M in the near-term will to further temper expectations for its fiscal Q3 given "recent exogenous shocks to customer sentiment." Short-cycle indicators suggest that commentary on order books in the next few weeks will likely be a "touch worse than expected," and currency remains a headwind, Alexander tells investors in a research note. Further, Acelity accretion next year will likely be offset by incremental headwinds from adverse currency moves, softness in European automotive and industrial activity, and risks to consumer confidence in the U.S., Alexander adds. He lowered his 2019 earnings per share estimate for 3M to $9.30 from $9.60, 2020 estimate to $10.15 from $10.35 and 2021 estimate to $10.80 from $10.90. The analyst also trimmed his price target for the shares to $185 from $191 and keeps a Hold rating on the name.