3M Slips After Citi Downgrade
Investing.com
Published Dec 09, 2019 11:33AM ET
Investing.com - Dow component 3M (NYSE:MMM) slid in midday trading Monday following a sell-side downgrade citing litigation overhang concerns over perfluoroalkyl and polyfluoroalkyl substances (PFAS).
Citi downgraded the stock to neutral from buy with a $180 price target.
Shares fell 0.5%.
"While we think MMM's shorter-cycle end markets could be closer to a bottom and execution seems poised to improve, growing PFAS-litigation related risks could be a lingering overhang that prevents a re-rating to its former premium multiple," Citi analyst Andrew Kaplowitz wrote.
3M (NYSE:MMM) told Congress in September that it has not been established that PFAs cause health problems.
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