3M downgraded to "neutral weight"

11.12.06 - Prudential Financial

NEW YORK, December 11 (newratings.com) - Analyst Nicholas P Heymann of Prudential Financial downgrades 3M Corp (MMM) from "overweight" to "neutral weight." The target price has been reduced from $92 to $84.

In a research note published on December 8, the analyst mentions that given the slowdown in the economy, the rebound in the company?s organic growth to 5%-8% is likely to take time. The downward revision in the target price reflects the reduced relative valuation, the analyst says. 3M is likely to benefit from robust overseas growth going forward, given the weakness in the US dollar, Prudential Financial adds.