Shares of 3M Co (NYSE: MMM) tanked in early trading on Tuesday, after the company reported its quarterly results.
While the company reported its earnings slightly ahead of Street expectations, it posted a top line miss, with organic growth remaining weaker than expected, according to BofA Securities.
The 3M Analyst: Andrew Obin maintained a Neutral rating and price target of $120.
The 3M Thesis: The earnings beat came on the back of “below the line items,” like taxes, Obin said in the downgrade note.
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