3M at a conference yesterday did not explicitly guide lower but spoke to trends at the low end of the range versus previous guidance, JPMorgan analyst Stephen Tusa tells investors in a research note. The analyst says the comments are in the direction of his below-consensus view, while noting they refer to results through August. Notably, 3M guided to somewhat softer Q3 organic and China growth, with the CFO citing "more macro uncertainty" in today's environment, says Tusa. Further, the analyst believes 3M's commentary on its business transformation also reinforces his point of a lack of visibility around benefits following high levels of spending, with returns on these initiatives seemingly "hard to discern." Tusa keeps an Underweight rating on 3M shares.